Earlier this month, Scottsdale-based i/o Data Centers secured a $56 million equity investment from Chicago-based Sterling Partners. The Arizona Republic carried a story about the investment this past Friday. The company provides secure data storage for business customers - anything from company customer data to back-up for disaster recovery. Their business is driven by the priority many companies are now putting on digitizing their documentation and operations.
Interestingly, one of the sales pitches i/o uses is its location in Phoenix, far away from most, if not all, natural disasters. On their home page, they have a map of "catastrophic risk" in the U.S., including earthquakes, hurricanes, tornadoes and hail. And of course Phoenix is far away from any of the risk zones.
In any event, it is good to see an Arizona-based company attract such a significant amout of venture capital in these tough times for raising capital. The press release from i/o can be read here (pdf).
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