StoredIQ, an Austin, Texas-based company that helps corporations manage their data, today announced it has completed a $10 million round of financing led by PerformanceEdge Partners and S3 Ventures and named a new CEO.
StoredIQ’s shake-up in its executive ranks has cofounder and former general manager Phil Myers replacing James Schellhase, who joined StoredIQ in 2007, as chief executive officer. Schellhase will become executive vice president and chief operating officer.
The company also hired former Symantec sales and global strategy vice president H.E. Buddy Wilson as vice president of business development.
The data-storage company, founded in 2001 said it will use this last infusion of cash to prepare for accelerated growth, create new partnerships across the sector, and expand its marketing and sales efforts. It said it also hopes to began an international expansion, although it did not name specific countries or regions.
This year the company cemented expanded partnerships with Dell and Symantec, and launched it new StoredIQ Intelligent Information Management Platform 6.0 and eDiscoveryManager application. It said it will now try to make further inroads in the oil, financial services and healthcare industries.
StoredIQ helps companies navigate the tricky waters of compliance, risk management and various governance and litigation statutes by storing their data in a transparent, easy-to-find way. This means that for a company hit with a subpoena or another type of investigation, StoredIQ provides management systems for proactive “litigation readiness,” so the firm has streamlined systems in place to combat any potential legal issues.
Meyers estimated that “80 to 85 percent of corporate data today resides in unstructured files, email, SharePoint and other sources that are largely invisible to the company, creating high risk and management costs.”
The need for this sort of “compliance concierge service” has grown exponentially since the passing of the Sarbanes-Oxley Act in 2002 and the recent reforms passed by the Obama administration have added new requirements for companies to keep, store and manage all digital data in highly-specific ways.
Market research firm Gartner recently estimated the industry at $2.7 billion industry, with a 21 percent growth rate annually through 2013.
High-profile firms have noticed–and StoredIQ has reaped the rewards, receiving $40 million in investment funding since it was founded nine years ago and allowing it to expand to 50 employees, with more to come in 2010.
S3 Ventures is based in Austin, while PerformanceEdge is headquartered in Scottsdale, Ariz.