POWERFILE SECURES $10 Million in SERIES B FUNDING

PowerFile, Inc., a leader in online solutions for long-term archiving digital content announced this week that it has secured $10 million in Series B funding. Silver Creek Ventures of Dallas, Texas led the round followed by Sequoia Capital, the initial investor in the Company.

PowerFile has achieved many goals this year, and the closure of this round of financing is a good proof for these achievements. These achievements include general availability of the SA2000 Permanent Storage Appliance, many strategic partnerships in the medical sectors of imaging and video surveillance and many other agreements in the digital home media market.

PowerFile has established the concept of online archiving, performing solutions that syndicate the speed of online access with the economy and reliability of new archiving technology to empower companies of all sizes to efficiently search, manage and permanently save valuable digital data.

“PowerFile has a highly compelling value proposition for the data storage industry,” said Mark Masur, General Partner of Silver Creek Ventures. “Regulatory pressures are increasing. Records retention requirements are becoming more complex. That’s why companies are looking for an archiving solution that delivers data permanence, fast access, and affordability. PowerFile offers that solution.”

“We are thrilled with execution PowerFile has shown since our initial investment in 2004. We welcome Silver Creek in assisting PowerFile to be a major player in the data storage market,” said Greg McAdoo, partner with Sequoia Capital. Sequoia Capital was an initial investor in companies such as Network Appliance, Cisco Systems Inc., and Oracle Corp.

“With this latest financing, we continue to pursue our vision and build value for our customers, partners, and investors,” said Kirk Dunn, President and CEO of PowerFile, Inc. “We have the resources, the technology assets, the business plan, and the team in place to make our vision a reality.”