Austin’s Caringo snares $8.8 million for growth

Austin-based Caringo, which provides cloud-based data storage services, has added $8.8 million to its latest fundraising drive.

The company received the capital from investors including New Science Ventures and Advantage Capital Partners.

The additional investment is part of its Round B funding, and brings the total raised by the company to $33 million.

Caringo was founded in 2005 and its flagship product, Swarm, is a storage platform that provides data protection, management, organization and search.

With Swarm, Caringo says, users can consolidate their files, find the data they are looking for quickly and reduce storage costs by up to 75 percent.

Its customers include the Department of Defense, the Brazilian Federal Court System, the City of Austin, British Telecom and Johns Hopkins University.

“Our investment in Caringo is a testament to their vision to change the economics of storage and data management at scale,” said Damon Rawie, managing director at Advantage Capital. “We are confident that with this growth capital, Caringo will execute their expansion plans and take advantage of the significant opportunity in their market.”

The company will use the funding to ramp up development, marketing and sales, said co-founder and CEO Jonathan Ring.

“The additional funds raised in this tranche will help us accelerate our product road map, expand in key vertical market segments and continue to invest in demand generation and awareness programs,” Ring said.