Brisbane-based data security software company Doctrieve has attracted $10 million in fresh capital to take on the global disaster recovery solutions market, a move which it will make this year through a first-time expansion into the US' Silicon Valley, Canada, Hong Kong and Europe.
Earl Wooley, Doctrieve Australia's chief executive, claims the company's core product sureVault (a Windows-based data security vault using electronic data vaulting technologies for information back-up) holds in more than 200Tbytes of information.
While Wooley conceded that the current economic climate for the IT sector was soft, he believes conditions are favourable for the company as he said IT executives across all regions struggled to reduce overheads in IT spend while increasing their bottom line.
He said the company's client base is growing, with a recent win in May -- a Sydney law firm with 6000 user sites.
Wooley said the company's solutions managed 'information' as opposed to 'data' storage.
Doctrieve secured $10 million in cash funding from a host of Asian business partners, whom Wooley was reluctant to name for commercial reasons. The funds will be split evenly across the US, Asian and European regions.
Wooley is confident the company will achieve $600 million capitalisation of the global risk management solution market within a year. "Internationally there is constant demand for secure storage of information on networks."
Over the next few years Doctrieve will partner with a wireless device maker in Hong Kong to develop wireless business intelligence solutions. It will also focus on developing an artificial intelligence product for Web site monitoring, and on voice recognition solutions.
Current Australian customers include St George Bank, Cottees, Gillette, Brambles Recall and SealCorp.