Data stored on floppy disks, cartridges, VHS tapes and even CDs are often written off by companies who no longer have the outdated devices needed to read this information. Oxfordshire-based digital tech business, Preservica, offers businesses dealing with historical data saved on obsolete systems a way to access otherwise lost information through its platform. The company has recently secured £3 million in growth funding from Mobeus Equity Partners, to go far and wide with this digital preservation software.
Preservica protects and future-proofs digital information, and is already in use at over 100 large and small corporate and public sector organisations, including BT, HSBC, Transport for London (TfL), the Associated Press (AP), Yale University, New York’s Museum of Modern Art (MoMA) and 16 US State archives.
The firm’s success is primarily because its software addresses the demand for a lot of organisations to keep digital content, which can be easily lost or even stolen, safe for longer. Preservica’s software automatically stores and recycles digital content in formats that can be used and read by future applications and technologies.
“Preservica is a unique UK technology company with strong vision and an impressive set of customers,” Trevor Hope, partner at Mobeus Equity Partners, said. “The company has an ambitious plan for growth and a product vision that is transforming the way organisations protect and future-proof digital information. This is a disruptive offering, well matched to a vast and growing unmet market need.”
The value of safeguarding digital information cuts across every sector where data is everything: from banking to the legal sector. HSBC is a Preservica customer with over 150 years worth of data. While the bank may not need data dating back to the Victorian era on a daily basis, it still uses its rich repository of digital material to enhance the value of its brand and protect vital corporate records.
Other customers include TfL, which uses Preservica to work with digital information that is key to maintaining its infrastructure, including escalators with an expected life-span of 50 years or more. Government agencies, like the Texas State Library and Archives Commission are mandated to retain and provide transparent citizen access to government records indefinitely.
The list also include clinical trials data in the pharmaceutical sector, to environmental impact records for large construction projects, and regulatory compliance in financial services and energy sectors. Healthcare is also looking to invest in digital preservation to meet accessibility of patient data for 75 years or more, while other organisations are looking to protect intellectual property and re-use research data and digital information for product innovation and competitive advantage.
As data storage becomes increasingly burdensome, many organisations have adopted a cloud-first approach in storing and accessing information, which is why Preservica’s partnership with Amazon Web Services is crucial as the company looks to expand.
“Our current product offering is already recognised as the gold standard for digital preservation at major corporations and institutions world-wide,” Mike Quinn, Preservica CEO, said. “Everyone at Preservica is delighted by the investment and support we’ve received from Mobeus Equity Partners. It is a real validation of the potential of the business and the growing demand for a digital preservation solution that enables organisations to protect the value of their vital digital information. The funding will allow us to expand our partnering programme and accelerate our product vision to make digital preservation a seamless and automated part of the digital information lifecycle.”