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A late-stage startup from Europe has refilled its coffers and aims to blast competition in the international backup and replication space.
Neverfail Group Ltd. has taken another $10 million in funding, bringing its total to $40 million. The money, from Fidelity Ventures, Advent Ventures, and a firm representing a wealthy individual named Sir Peter Michael in England, is earmarked to help Neverfail sustain what execs claim is burgeoning growth.
"We're blowing and going!" enthuses David French, chief executive of the Americas for Neverfail. "We have hundreds of customers." (There are roughly 80 listed by name on the company's site.)
Neverfail has grown by 50 percent on average every quarter for the past two years in the U.S., execs say. They claim 400 resellers around the world. As for profitability, that's merely a matter of picking the right time, French insists. So far, Neverfail has opted to siphon funds right back into marketing and sales.
The firm, which was founded as an IT consultancy in the U.K. nearly 12 years ago, has had its application failover software, also called Neverfail, on the market for just two-and-a-half years. In that time, it has managed to make a mark among users that need automatic server failover in the event of disaster -- but don't want to pay for high-end clustering to get it done.
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