Mimosa Systems bags $11 M Series B
Date: Wednesday , December 28, 2005
Mimosa Systems Inc., a provider of next-generation information management solutions, headed by T.M. Ravi has bagged $11 million in its second round of venture financing, bringing the company’s total venture funding to $17.5 million. Led by JAFCO Ventures this new round of funding also received participation from current investors August Capital, Clearstone Venture Partners, and Lighthouse Capital Partners.
Santa Clara, CA based Mimosa will use the funds to expand sales and marketing and to grow the market share of Mimosa NearPoint for Microsoft Exchange Server. The company also decided to use the funds to develop and deliver new solutions to manage unstructured and semi-structured data such as documents and files.
Launched barely seven months ago, NearPoint has gained rapid momentum and popularity among customers across several vertical industries including defense, financial services, insurance, education and retail. A comprehensive solution for e-mail data management, Mimosa NearPoint helps with archiving, search, and compliance as well as data protection, and disaster recovery. It is based on a next generation architecture that is significantly ahead of the rest of the market in terms of scalability, ease of deployment and the fidelity of e-mail and other captured data.
“We are after a $6 billion market with no clear leaders and wide open field,” Ravi says adding the closest competing product is showing its age because of which Mimosa has gained customers.
Mimosa also has an office in Pune, India as a strategic partner adding value to the company as it is involved in all stages of lifecycle- conception, architecture, development, QA and testing.