Back in 2005, just about the time the word “cloud” started to take on a whole new meaning, a couple of college guys wanted to connect people, their files, and their devices in a hardware-neutral environment without the costs associated with the enterprise-grade file-sharing and network storage systems of the day.
Starting with the principle of doing one or two things very simply and very well, Box provides a cloud service for sharing, collaborating, and working with files that are uploaded to users’ Box accounts. Extended features for business and enterprise customers allow for custom branding, massive amounts of storage, and administrator management for handling multiple users. Additionally, Box provides third-party integration with other popular vertical business applications, such as Google Apps, NetSuite, and Salesforce.com.
Box uses a freemium business model as it moves from consumer to business enterprise application. No doubt, consumers who use the free version still get an outstanding, reliable service for nothing, but the real power that’s emerged is in its business and enterprise storage and collaboration tools.
With the burgeoning success of the cloud and its natural fit for execution and deployment of mobile applications, Box’s success has proceeded apace. Backed with revenue and funding, the company purchased Increo Solutions, which developed two collaborative online document and media viewing tools. Already with a robust file storage infrastructure in place, this acquisition let Box launch collaboration technology in 2010, and begin competing with other enterprise-grade collaboration tools.
Currently, the company has taken just shy of $300 million in venture funding. Starting with a modest series A in 2006 from DFJ, the company scaled as quickly as it had the infrastructure to support it. A recent round, led by General Atlantic, closed with $125 million, giving Box a likely billion-dollar valuation. All indications point toward a possible public exit next year, pending continued success and a planned global expansion.
The future of Box is tied to the future of the cloud, and it’s very clear that this market is not slowing down any time soon. As Box becomes one of the most reliable tools for business enterprise users, it only remains to be seen how big the box actually is.
You can join Box Co-Founder Dylan Smith at OnDemand next week. He will be sitting down with Josh Stein, Managing Director at Draper Fisher Jurvetson, for an intimate fireside chat to discuss the story of Box’s success and how it will be affected by the future evoluition of the cloud.
Fireside Chat with the 2013 OnDemand Company of the Year
Monday, May 20th, 6:10pm – 6:30pm
Host: Josh Stein, Managing Director, Draper Fisher Jurvetson
Dylan Smith, Co-Founder and Chief Financial Officer, Box
Join the OnDemand 100 winner and Power Players in the Cloud next week at:
Where the Internet Meets the Enterprise
May 20th – 21st, 2013
HP Executive Briefing Center
3000 Hanover St. Building 20
Palo Alto, CA
Register today to secure your ticket for OnDemand at the lowest possible rate while tickets are still available!
Contact Shannon Calvin (email@example.com, 954.663.2086), Nikki Nemer (firstname.lastname@example.org, 858.220.9159), or Paul Hamadeh (email@example.com, 415.269.3738) for details on how your company can participate.
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Now is the time to get on board. Whether you are looking for new investments, strategic partners, or clients in the on-demand, SaaS, and cloud infrastructure space, OnDemand is the insider event you won’t want to miss. We hope to see you there!