IForem, provider of permanent storage for digital information, announced that it brought in $1 million in a first round of funding, reports VentureWire. The Redwood Shores, Calif. company says the service is ideal for irreplaceable files like wills, family photos, corporate agreements and software code.
Charging a variable one-time fee dependent on the size of the file in question, iForem puts the money into a trust account to perpetually pay fees to a third-party vendor that actually provides the storage. Right now, the vendor of choice is Amazon.com Inc. Even if iForem goes out of business, the trust will continue to pay out. Users can also choose to pay a subscription fee for third-party organization and escrow services brokered by iForem.
The company says that the recent round of funding, provided entirely by Gabriel Venture Partners will be enough to sustain it through profitability. The firm also kicked in $2 million to seed the company in 2007.