SOURCE: Cloud Engines, Inc.

Cloud Engines, Inc.

December 21, 2010 09:30 ET

Cloud Engines, Inc. Receives $15 Million in Financing

New Investors Softbank Capital and Morgan Stanley Join Foundry Group

SAN FRANCISCO, CA--(Marketwire - December 21, 2010) - Cloud Engines, Inc. today announced that it has received $15 million in financing from new investors Softbank Capital and Morgan Stanley Alternative Investment Partners (AIP) and existing investor Foundry Group. The capital will be used to continue to expand the global distribution of the Pogoplug service and devices.

"Pogoplug is positioned to become the de facto way that consumers and businesses connect to their home and office storage," said Ron Fisher, General Partner at Softbank Capital. "Pogoplug's capabilities are perfectly suited for integration with offerings from Internet service providers as part of a monthly fee."

"We believe that Pogoplug is on a fast path to becoming the world's leading cloud storage service," said Jamey Sperans, Managing Director at Morgan Stanley AIP. "What the management team has accomplished to date is remarkable. And the company's model for delivering unlimited cloud storage to users is both unique and well-timed given the tremendous growth of the global mobile device market."

"This financing allows us to accelerate our worldwide consumer retail channel expansion to make Pogoplug devices easy for anyone to purchase," said Daniel Putterman, President and CEO of Cloud Engines, Inc. "The confidence we have received from the financial community reaffirms that the personal cloud category we are building is going to be a key driver in consumer storage technologies."

Terms of the transaction were not disclosed.

About Cloud Engines, Inc.
Cloud Engines, Inc. is the producer of Pogoplug, the award winning personal cloud solution. The Pogoplug service provides private and secure online storage, with no fees or limits, which can be accessed and shared from any computer or mobile device on the Internet. The service is free with the purchase of a Pogoplug-powered device, a small appliance that safely hosts storage from the privacy of a user's home or office. Cloud Engines was founded in 2007 by experienced entrepreneurs from the digital media and security industries who have a mission to change the way personal content is stored and distributed over the Internet. The company is located in San Francisco, Calif. with development offices in Israel. For more information, please visit www.cloudengines.com.

Useful Links
Pogoplug Site: www.pogoplug.com
Pogoplug Twitter: www.pogoplug.com/twitter
Pogoplug Facebook: www.facebook.com/pogoplug

Contact Information

  • Contact Information
    Jennifer Steele
    Email Contact
    (415) 217-4700
    (530) 426-2415

    Marie Domingo
    Email Contact
    (415) 217-4700
    (650) 888-5642