Syncplicity Closes $2.35 Million Funding Round

Syncplicity, Inc., an online data management provider, announced that it closed its post-seed funding round in the amount of $2.35 million led by Silicon Valley-based True Ventures and other private investors. Syncplicity plans to use the funds to accelerate enhancements and extend functionality of its flagship offering as well as speed the growth of its customer base.

Despite a more challenging investment environment, Syncplicity was one of the few early-stage startups that won the endorsement of investors, successfully securing its financing. According to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association based on data provided by Thomson Reuters, venture capitalists invested $7.1 billion in the third quarter of 2008, reflecting a 7 percent decrease compared to the second quarter. Internet-specific companies received $1.1 billion in the third quarter, a 36 percent decline in dollars over the second quarter of 2008.

Syncplicity represents a new breed of online tools in an emerging category known as online data management that specializes in managing ‘active data’ (data and files that are constantly changing, frequently updated, or simultaneously worked on by multiple users). These newer solutions differ from traditional data resource management solutions, which specialize in managing ‘passive’ data backup and storage (intermittent, fixed schedule backups while connected to a corporate network). The company’s offering is unique in its ability to sync beyond computers, bridging the gap to web applications as well as mobile devices. Syncplicity helps businesses manage and safeguard their active data in a fully hosted solution, at a fraction of the cost and none of the complexity of traditional software and hardware systems.

"We’re very focused on the team that we invest in and felt that Leonard Chung and his co-founders have what it takes to succeed in today’s entrepreneurial market. Syncplicity’s offering provides superior functionality that will appeal to businesses such as the ability to integrate with web applications and mobile devices, as well as adherence to open, web-based standards and industry standard protocols. We believe Syncplicity is best positioned to emerge as the dominant player in this space," stated Phil Black, Co-founder, True Ventures.

"As the only active online data management solution able to meet the needs of small to medium-sized businesses, Syncplicity is committed to providing our customers with effortless access to their data no matter how or where it is stored," stated Leonard Chung, Co-founder and CEO of Syncplicity. "The investment from True Ventures is strong validation of Syncplicity’s unique ability to deliver robust functionality that goes beyond current consumer-focused solutions, which fall short of supporting key business requirements, as evidenced by the fact that Syncplicity is gaining solid traction from companies."