Oxfordshire-based digital preservation specialist Preservica secures $3.8 to fuel expansion

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Founded in 2012, Preservica is changing the way companies and organizations worldwide safeguard digital information. Having secured about $3.8 million in growth funding from Mobeus Equity Partners, the young company plans to accelerate the uptake of its digital preservation software which is already in use at over 100 large and small corporate and public sector organizations, including the Associated Press (AP), Yale University, New York’s Museum of Modern Art (MoMA), BT and HSBC.

Demand for Preservica’s software, which protects and future-proofs digital information, is being driven by the need to keep digital information for longer for compliance, legal defense, and knowledge reuse.

Digital content is often fragile and can be easily lost – or worse – stored in formats that become obsolete and can’t be used. Preservica’s unique active digital preservation software addresses this challenge head on; ensuring digital content is not just securely stored, but also automatically translated into formats that can be used and read by future applications and technologies.

Trevor Hope, Partner, Mobeus Equity Partners stated: “The company has an ambitious plan for growth and a product vision that is transforming the way organizations protect and future-proof digital information. This is a disruptive offering, well matched to a vast and growing unmet market need.”

Mike Quinn, the Preservica CEO said: “The funding will allow us to expand our partnering program and accelerate our product vision to make digital preservation a seamless and automated part of the digital information lifecycle.”

The value of safeguarding digital information cuts across every sector and has wide ranging benefits. HSBC, which recently celebrated its 150th anniversary, uses its rich repository of digital material to enhance the value of its brand and protect vital corporate records.

The client list goes on from clinical trials data in the pharmaceutical sector, to environmental impact records for large construction projects, to regulatory compliance in financial services and energy sectors. Companies in the healthcare sector are looking to invest in digital preservation to meet accessibility of patient data for 75 years or more, while other organizations are looking to protect intellectual property and reuse research data and digital information for product innovation and competitive advantage.

The cloud also has an important role to play as more organizations adopt a “cloud first” approach and leverage the cost-efficiencies and inherent durability of cloud storage for safeguarding digital information. Preservica’s digital preservation software is architected to take advantage of this, allowing organizations to run the software in the cloud or use a hybrid mix of cloud storage connected to an on-premise deployment. Expanding the company’s partnership with Amazon Web Services (AWS) is also a key part of its growth plan.