Rewind Software, One of Ottawa's fastest-growing technology companies Shopify Inc. raised USD $65M

The company’s platform automatically backs up and recovers data for small to medium-sized businesses that use cloud-based software such as Shopify. Data loss is a serious problem for cloud software clients with a recent survey by Oracle and KPMG estimating that 49 % of organizations surveyed found that they had lost data stored on cloud solutions.

The reason for this is that most software as a service (“SAAS”) platforms operate on what is known as a “shared responsibility” model. This entails that a platform such as Shopify is obliged to provide infrastructure-level disaster recovery and security in the event on a system-wide catastrophe. However, the customers of the platform are responsible for the security and management of their individual accounts on their platform including data backup.

The company’s success to date is another example of the burgeoning technology industry in Canada. The recent funding will allow Rewind to focus on sales and marketing and roll out its products for users of other cloud platforms. The company says “products are in the works for customers of Xero, GitLab, Zendesk, Jira, Hubspot, Basecamp and Asana, among other software.” The company’s goal is to reach an employee headcount of 300 people by the end of 2022.

Author: Erik Axell, 2021/2022 Articling Student-at-law