Judging by the latest news out of startup cloud-storage provider CX, heavyweight investors are still bullish about newcomers to the space. CX announced on Thursday that it has closed on a Series B funding round worth $5 million led by Eric Schmidt’s venture capital firm TomorrowVentures, bringing its total VC investment to $10 million.
Also on Thursday, CX said it has acquired its competitor FileDen for an undisclosed sum. The deal brings CX’s user base to more than 3.5 million, the company said.
CX, which stands for “Cloud Experience,” bills itself as an open storage platform that platform overlays users’ social graphs to enable collaboration with anyone on any Internet-connected device. The company is most often compared to storage services like Dropbox and Box.net. CX claims it is differentiated from its peers by having better searching and sharing capabilities along with data visualization features.
CX is currently free, but it plans to launch paid product plans later this summer that will charge consumers about $10 per month and developers $40 per month.
It has been clear for years now that cloud storage technology is hot — tech industry giants such as Amazon, Google and, most recently, Apple have made big moves into the area — and CX is looking to ride that wave. According to CEO Brad Robertson, CX is currently in discussions to close on $50 million in series C funding early this fall.
Along with TomorrowVentures, CX is backed by Hanna Capital, Clarington Capital, and Clearwater Capital.