It grew in popularity as corporate IT administrators coped with the proliferation of smartphones and the blurring of the lines between devices that are used for personal and corporate use. ![]() As its product, called CrashPlan, became more robust, the company late in that decade began selling it to corporate customers. In more recent years, CVRx, a medical device maker in Minneapolis, raised $84 million in 2008, according to data from Pricewaterhouse Cooper’s MoneyTree Report.īefore Code42’s announcement, the two biggest capital rounds on the Minnesota tech scene this year were a $30 million round at Field Nation, which provides a service that matches contract IT and other freelancers with corporate clients, and $27 million at Lead Pages, which provides digital marketing products.Ĭode42 began in 2001 as a provider with a simple-to-use data backup service for consumers. The firm struggled after the dot-com bust in 2001 and its assets were later sold. Its new round of financing is the biggest seen in Minnesota since early 1999, when WamNet - a company in Eagan that offered network, storage and application services during the first Internet boom - raised $92.6 million. The company last raised capital in 2012, when Accel and Split Rock put in $52.5 million. The money is coming from two firms that previously invested in Code42, Accel and Split Rock Partners, and two new ones, JMI Equity and New Enterprise Associates Inc.Ĭhief Executive Joe Payne said in a statement that the new investment will allow Code42 to focus on developing more services for businesses, a direction he has emphasized since arriving at the company this summer. With it, Code42 is positioned to add more staff or take advantage of opportunities to buy stakes in other companies, the company said Tuesday. ![]() Code42, a Minneapolis software company that provides data storage services, has raised $85 million in new financing, the biggest venture capital investment for a Minnesota company since 1999.
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