UPDATED 10:00 EST / JANUARY 19 2012

Big Data Fund Sees Promise in Real-Time Backup

Code 42 confirmed in a blog post that announced the startup has raised $52.5 million in venture capital from Accel and Split Rock Partners.  This investment represents the first for Accel’s $100 million big data fund, a very buzzed-about initiative that further validated the real potential of the unstructured analytics industry.

Startup Code 42 offers a software solution called CrashPlan.  There are several versions, both for consumers and businesses, with the idea is that a client installed on a user’s mobile phone backs up their data to a cloud in real-time. That can either be Code 42’s own servers or a deployment operated by an organization that uses the service. The service can also be used for collaboration services.

Accel’s capital injection will be used to take CrashPlan to the next step: using the data the service collects about users’ files to improve processes such as compliance assurance. Code 42 says it has backed up 100 petabytes to date, or about 100 billion files worth, so there weren’t any issues accounting for the big in Accel’s idea of big data.

“As devices and the data they generate continue to explode, Code 42 is primed to make a profound impact on information data management for consumer and enterprise devices with their cloud back-up and future innovative big data applications. The company’s technology is unrivaled and Code 42’s profitable business model has proven itself. I’m excited to work with Code 42’s top notch team and support the company’s continued growth.”

The startup will use the new money to push through with this plan, as well as to expand its market share beyond North America.

Another notable big data funding round recently was Mu Sigma’s latest; $108 million raised from General Atlantic and Sequoia Capital.


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