Mimosa System closes $17 Mn
Date: Monday , June 02, 2008
T. M. Ravi co-founded Mimosa Systems, a provider of live content archiving solutions, has closed $17 million in mezzanine financing. Led by Focus Ventures, the funding round was joined by the current investors - August Capital, Clearstone Venture Partners, JAFCO Ventures, and Mayfield Fund. Mimosa will use the investment to expand the Mimosa NearPoint footprint globally and to continue to capitalize on the multi-billion dollar market opportunity for next-generation content archiving.
The Mimosa NearPoint content archiving solution that addresses critical customer requirements for email and file system archiving, eDiscovery, regulatory compliance, content monitoring, disaster recovery, data protection, and storage management is delivering to hundreds of customers and partners across North America, Europe, Japan, and Asia Pacific. The company finds an equal demand for both mailbox management, and prospective eDiscovery.
As per IDC, the worldwide email archiving applications market grew by 48 percent in 2007 over the last year, driven by the need for email archiving to satisfy compliance, legal discovery, and storage optimization requirements. Founded in 2003 at Santa Clara, the privately held company with 200 employees is targeting the $22 billion eDiscovery market.
"Having a top-tier VC firm like Focus Ventures leading our mezzanine round is a powerful endorsement that Mimosa has the right mix of superior technology, top management expertise, strong global customer success, and a sustainable vision for the future," said T.M. Ravi, president and CEO of Mimosa. "The support of Focus Ventures and the continued commitment of our existing investors will be instrumental as we enter the next phase of rapid growth and continued product innovation," he continued.