A Minnesota-Based Online Backup Company Looks to Disrupt the Big Data Industry
Code 42 Software, a leading provider of online backup solutions for consumers, businesses, and enterprises, has secured $52.5 million in funding led by Accel Partners with participation from Split Rock Partners. This significant investment marks the first major round of institutional funding for Code 42.
A Brief History of Code 42
Founded by Brian Bispala, Mitch Coopet, and Matthew Dornquast, Code 42 was established with a mission to reinvent backup technology by developing an easy-to-use solution that protects data whenever and wherever it is created. The company launched CrashPlan, its flagship personal data protection and backup software, in 2007.
From Consumers to Enterprises
After introducing CrashPlan to consumers, Code 42 leveraged the knowledge gained from this experience to develop and deliver a backup software tailored for enterprises. Just five years after launching CrashPlan, Code 42 now manages and protects over 100 petabytes of data globally.
Product Lineup
In addition to CrashPlan for consumers, Code 42’s product lineup includes online backup solutions for small-to-medium-sized businesses (SMBs), known as CrashPlan PRO, and private and public cloud solutions for enterprises, designated as CrashPlan PROe. All of the company’s data storage and backup products are cross-platform, providing continuous protection onsite, offsite, and online.
Unique Selling Proposition
Code 42’s offering stands out due to its ability to operate on both public and private clouds. Dornquast explained in an interview that most large enterprises prefer a hybrid model, with four out of five enterprise customers building their own private cloud instead of relying on an untrusted cloud.
Dornquast emphasizes that Code 42’s "secret sauce" lies in its engineered storage technology, which enables businesses to build their own private clouds. He highlights that the company is "part software company, part cloud storage company, and part managed appliance hardware company."
Impressive Customer Base
CrashPlan has been deployed in over 4,000 large enterprise environments, with notable customers including:
- Adobe
- Google (which uses Crashplan for internal data storage)
- Groupon
- HP
- Intuit
- NASA
- Salesforce.com
- Stanford University
Revenue Growth and Profitability**
While revenue figures were not disclosed, Code 42 has achieved remarkable growth of 500% over the last three years. The company is also profitable.
Accel Partners’ Investment
Accel partner Ping Li explains that managing data on multiple devices poses a significant challenge for both consumers and enterprises. With this in mind, there needs to be a solution that addresses these issues effectively. Li highlights that Code 42’s technology has the potential to disrupt the big data industry.
Conclusion
Code 42’s $52.5 million funding round led by Accel Partners is a testament to the company’s innovative approach to backup and storage solutions. With its unique offering and impressive customer base, Code 42 looks set to continue disrupting the big data industry in the years to come.
Update
The original article has been updated with additional information regarding the customers who use CrashPlan for internal data storage.
