Safeguard Scientifics leads $5 million Series A in CloudMine

Tom Paine

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CloudMine, the Philadelphia-based mobile cloud platform company, received a $5 million Series A investment led by Safeguard Scientifics and including several other local investors, it was announced this morning.

Although it still has a geographically diverse portfolio, Safeguard appears to be doubling down in Philadelphia. In addition to CloudMine, its local investments include Clutch, WebLinc, ThingWorx (acquired by PTC), longtime portfolio company Beyond.com, and Hoopla (which has since moved its headquarters to Silicon Valley but still has development offices in Malvern). In addition, it recently brought parts of healthcare technology companies Dabo Health and Syapse to the area, and also led an investment in Trice Medical of King of Prussia.

Last month, Safeguard announced it was moving its headquarters from the Route 202 corridor to a location near the Blue Route in Radnor, in part to have easier access to the entire Philadelphia area.

CloudMine, a mobile backend as a service (BaaS) provider, garnered considerable attention after it was founded in 2011 though it seemed to take a while in finding revenue traction. But it found its niche by focusing on verticals such as healthcare, pharmaceuticals and retail, where there are needs for rigorous data security. CloudMine has partnered with important cloud infrastructure players such as Rackspace and CenturyLink.

CloudMine's CEO is co-founder Brendan McCorkle. It had previously received $3.2 million in funding, according to CrunchBase. MissionOG, one of its early major backers, did not participate in this round. CloudMine currently has 16 employees.