PHD Virtual Technologies raises $4M funding

Philadelphia based company PHD Virtual Technologies, a well known player in virtual machine backup and recovery market, today announced it has raised $2M in Series C funding from Citrix and Insight Venture Partners, both current investors in the company, and $2M in Growth Capital from Wellington Financial.

The funds will be used to boost technology R&D and the expansion in the european market.

With a consistent record quarter over quarter growth we are excited others validate our position in the virtual and cloud backup arena and see the huge potential in our growing business and the vast opportunity in this market segment. We truly value our partners in Insight, Citrix and Wellington and appreciate the confidence they have in our ability to continue to expand our efforts and surpass the 10,000 customer mark.

said James Legg, President and CEO, PHD Virtual.