Axcient Tops Off First Funding Round with an Additional $2 Million and Adds New Talent to Management Team

Axcient Tops Off First Funding Round with an Additional $2 Million and Adds New Talent to Management Team

MOUNTAIN VIEW, Calif. - May 20, 2009 - Axcient Inc., an innovator of comprehensive data protection software-as-a-service (SaaS) solutions for small and medium-sized businesses (SMBs), today announced it has secured an additional $2 million to top off its $6 million Series A round of funding, for a total of $8 million. The newest backer, Thomvest Ventures, is a venture investor focused on emerging leaders in software, hardware, and networking technologies. Thomvest is joined by previous investors in the round Allegis Capital and Peninsula Ventures. In addition, Axcient has named industry veteran Jack McGovern as its chief financial officer.

The funding will be used to further enhance Axcient's technology platform, grow operations, increase sales and marketing initiatives, and better serve Axcient's expanding customer base. Axcient delivers a hybrid on-premise and cloud data protection and business continuity service. Its data backup and recovery service was created specifically for SMBs that manage 1 to 500 workstations, laptops or servers and from 10 gigabytes to 10 terabytes of data.

"We believe that Axcient offers clear differentiation in the marketplace and has the potential to gain tremendous traction in the SMB backup and business continuity space," said Don Butler, president, Thomvest Ventures. "We're impressed with the company's talented management team and unique business model and look forward to helping the company become an industry leader in a rapidly growing market."

McGovern brings more than 30 years of accounting, finance, investment banking, and operational experience to his role at Axcient. Most recently, he was chief financial officer of Dilithium Networks, a software engineering firm providing video solutions to the mobile handset market. McGovern developed strong corporate finance leadership skills within the technology sector in positions at Strategic Capital, Matrix International, GATX, and KPMG Peat Marwick.

"This is an exciting time for Axcient. We've seen a lot of growth over the last quarter and adding Thomvest to our roster of investors validates the strength of our value proposition in the market and will allow us to further build the business," said Justin Moore, CEO of Axcient. "We're also pleased to have an experienced financier like Jack join our staff. He's an important addition to our management team as we look to solve the data protection challenges of the SMB market and the outsourced IT professionals who serve it."

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