GENEVA, Switzerland, April 15, 2003 (PRIMEZONE) -- FilesX, Inc., a leading provider of next-generation data recovery solutions, today announced the completion of a $7.5 million round of venture financing from Benchmark Capital, Index Ventures, and Genesis Partners. Benchmark Capital led the round, while Index Ventures, a leading European VC, and Genesis Partners, the original investor, participated.
Since early 2000, FilesX has invested extensively in research and development and built a seasoned management team to position the company as a leader in the rapid data recovery market. The core of FilesX' solution is built on the premise that a backup is of little value if the data cannot be restored quickly and easily. The company's initial product, Xpress Restore(TM), provides an easy and efficient way to restore volume, files and application data, such as emails, from a heterogeneous storage environment. FilesX will utilize the funds to expand sales and marketing as it moves its product from beta to general availability, as well as for additional product development.
"The success of this latest round of funding marks another critical milestone for FilesX. We're very pleased that high caliber investors like Benchmark Capital and Index Ventures have chosen to join our team with Genesis Partners," said Jacob Herbst, President and CEO of FilesX.
"FilesX' unique solution is well positioned to solve the critical data recovery problems faced by most enterprises today," said Nachman Shelef of Benchmark Capital. "Benchmark looks forward to working with FilesX' management team to help them expand their market position."
"FilesX fast backup and restore for Microsoft Exchange is the first application of the company's powerful technology platform. We believe that this application will meet a critical need in the market for business continuity solutions," said Bernard Dalle, Partner at Index Ventures.
"Jacob is a proven entrepreneur who has built a strong management team and great technology in very difficult economic times. We are confident of the company's ability to translate this world-class competitive advantage into market leadership, while continuing to remain resource efficient," said Eddy Shalev, Managing General Partner of Genesis Partners.
About FilesX
FilesX was founded in early 2000 and is headquartered in Southborough, with R&D in Haifa, Israel. It is a privately held corporation, initially funded by Genesis Partners. FilesX's mission is to create software to transform how enterprises restore system, file, and application data. For more information, contact FilesX at (508) 480-9920, via email at info@filesx.com, or through the web at www.filesx.com.
About Benchmark Capital
Benchmark Capital was founded in 1995 with the mission of helping talented entrepreneurs build major technology enterprises focused on long-term growth. Managing more than $2.3 billion in committed venture capital, Benchmark takes a labor-intensive, team-oriented approach to venture investing in order to deliver a superior level of service to its portfolio companies. The firm's portfolio includes such franchise companies as eBay, Handspring, Juniper Networks, and Red Hat Software. For more information on Benchmark, visit www.benchmark.com.
About Index Ventures
Index Ventures is a leading pan-European venture capital dedicated to investments in information technology and life sciences. Index began investing in European technology in 1992 and has $500 million under management. The Index Ventures team has a deep technology focus and the ability to leverage a network of cross-Atlantic strategic relationships. Index proactively seeks out the top entrepreneurial teams in each investment area and leverages of its core assets in helping the entrepreneurs build their company into a global leader. To learn more about Index Ventures visit http://www.indexventures.com
About Genesis Partners
Genesis Partners, an Israeli venture capital fund, invests in high-growth technology companies. It manages $350 million in two venture funds focused on the telecommunications, storage, and enterprise software fields. The partners combine many years of experience, a technology focus, and partnerships with prominent financial institutions to help its portfolio companies succeed. For more information about Genesis Partners, visit www.genesisvp.com.