T.M. Ravi co-founded Mimosa Systems raises $4 Million
Bangalore: Based in Santa Clara, California, Mimosa Systems, a maker of software that archives email and other data, has raised $4 million of a $5.5 million round of debt, rights and securities, according to a filing with the SEC. The company is backed by August Capital, Clearstone Venture Partners, Dot Edu Ventures, Focus Ventures, Jafco Ventures and Mayfield Fund. As reported by VentureBeat, the company last raised money in June, bringing in $3 million in debt financing. Founded in 2003, Mimosa Systems is in a vertical trajectory growth mode that has allowed it to expand beyond the U.S. to the UK, France, Germany, China, Australia, Japan and Canada. "The key driver of Mimosa's growth is the explosion of content and the need for electronic information such as email and documents to be retained as a business record," says T.M. Ravi, Co-Founder, President and CEO, Mimosa Systems. Currently, there are about 300 employees in the company. According to the company, the explosive volume of electronic information, coupled with the requirement to retain email records for regulatory compliance and legal discovery, has created a hot market for email active-archiving solutions. It also claims that the Mimosa NearPoint solution is the only integrated offering for archival, eDiscovery, DR, and storage management that can economically scale to meet the demands of today's enterprise. Recently, the company announced that the Stockbridge Real Estate Funds has deployed the Mimosa NearPoint archiving solution to deliver eDiscovery compliance readiness and end-user self-service for its email environment while optimizing overall performance of its Microsoft Exchange servers. Mimosa has global partnerships and offers a comprehensive SDK that allows customers, partners and developers to extend NearPoint's capabilities to a broader set of content sources including content on backup tapes, and access archived content from enterprise applications such as eDiscovery, records and security management, CRM and business intelligence solutions.