September 16, 2021
Rewind Software is the latest Canadian technology company to receive back to back venture fundings. Following a US$15-million venture raise in January of 2021, the company announced on September 15, 2021 that it has raised US$65-million dollars led by Insight Partners Capital. In the last three years the company has seen revenues increase by 600 % with its employee count doubling to 110.
The company’s platform automatically backs up and recovers data for small to medium sized business that use cloud based software such as Shopify. Data loss is a serious problem for cloud software clients with a recent survey by Oracle and KPMG estimating that 49 % of organizations surveyed found that they had lost data stored on cloud solutions.
The reason for this is that most software as a service (“SAAS”) platforms operate on what is known as a “shared responsibility” model. This entails that a platform such as Shopify is obliged to provide infrastructure-level disaster recovery and security in the event on a system wide catastrophe. However, the customers of the platform are responsible for the security and management of their individual accounts on their platform including data backup.
The company’s success to date is another example of the burgeoning technology industry in Canada. The recent funding will allow Rewind to focus on sales and marketing and rollout its products for users of other cloud platforms. The company says “products are in the works for customers of Xero, GitLab, Zendesk, Jira, Hubspot, Basecamp and Asana, among other software.” The company’s goal is to reach an employee headcount of 300 people by the end of 2022.
By: Erik Axell