CloudMine Raises $5 Million Series A Financing Led by Safeguard Scientifics

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Leading Mobile Platform Provider to Expand Product and Market Footprint and Continue to Transform Enterprise Mobile App Development

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With a deep network of strategic partners and high-potential customers, combined with collective expertise in building businesses, Safeguard will guide and accelerate CloudMine’s rise to market leadership.

CloudMine, the industry's most secure cloud mobile platform, announced that it raised a $5 million Series A financing round, led by Safeguard Scientifics (NYSE:SFE) with participation by MentorTech Ventures, DreamIt Ventures, DeSimone Group Investments, Ben Franklin Technology Partners, Mid-Atlantic Angel Group, Robin Hood Ventures and other angel investors. CloudMine will use the proceeds to enrich its product and expand marketing and sales functions.

Since its founding in 2011, CloudMine’s platform has become a key element of mobile development strategy and architecture for enterprise IT departments of all sizes. CloudMine’s platform offers a mobile-optimized suite of services, enabling enterprise developers to rapidly build and deploy secure mobile applications for employee productivity and consumer engagement. For both mobile and connected device initiatives, CloudMine’s software eliminates the need for ongoing maintenance and management, accelerates development time by up to 70%, and provides a standardized, IT-approved development platform across all business units.

By focusing on highly sensitive verticals such as healthcare, pharmaceuticals and retail, CloudMine solves the increasing challenge of maintaining security and compliance, including HIPAA and HITECH, while balancing the increasing leverage of the mobile cloud. Through partnerships with Infrastructure-as-a-Service (“IaaS”) companies including Rackspace and CenturyLink, as well as a network of digital agencies and system integrators, CloudMine offers its customers flexible deployment models, high-touch support engagements, and a consultative sales process to meet the highly individualized needs of each unique enterprise. CloudMine’s customers include Mylan Specialty, Endo Pharmaceuticals, Barnes & Noble College, and Digitas Health.

“As mobile becomes the key driver of enterprise data consumption and interaction, leading enterprises that use CloudMine can focus on building rich and engaging mobile experiences,” said Brendan McCorkle, Co-Founder and Chief Executive Officer at CloudMine. “Enterprise development teams rely on CloudMine for easy-to-use, comprehensive backend development tooling and data optimization which accelerates time to delivery and improves application performance, compliance and security. We are thrilled to have Safeguard lead our first institutional round of financing. With a deep network of strategic partners and high-potential customers, combined with collective expertise in building businesses, Safeguard will guide and accelerate CloudMine’s rise to market leadership.”

“CloudMine is revolutionizing the way mobile apps are developed in the enterprise,” said Philip Moyer, Managing Director, Technology at Safeguard. “Most enterprises are dealing with three infrastructures—their legacy environment, their cloud, and their infrastructure needed to build mobile applications. CloudMine unifies these infrastructures making it easy for an enterprise to create scalable enterprise-grade mobile applications that are first-class citizens of their infrastructure and governance model. Brendan and his executives have assembled a strong entrepreneurial team who have demonstrated tremendous traction in just a few short years. We are excited to be a part of CloudMine’s growth story.” Mr. Moyer, along with David Luk, Principal, Technology at Safeguard, will join CloudMine’s board of directors.

About CloudMine

CloudMine is an enterprise mobility company that provides a HIPAA-compliant Managed Mobility solution to accelerate development, eliminate maintenance and standardize cross-organizational mobile IT. By securely blending public cloud with private data, CloudMine enables the next generation of enterprise mobility by allowing enterprise development teams to quickly mobile-enable their legacy applications while keeping them secured behind the enterprise firewall. CloudMine’s Managed Mobility suite is being used by world-class enterprises including Mylan Specialty, Endo Pharmaceuticals, Barnes & Noble College, and Digitas Health to drive mobile-first solutions. For more information, visit CloudMine at http://www.cloudmine.me, calling 855.662.7722, or following us on twitter @CloudMine.

About Safeguard Scientifics

Safeguard Scientifics, Inc. (NYSE:SFE) has a distinguished track record of fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on two sectors—healthcare and technology. Specifically, Safeguard targets early- and growth-stage companies in advertising technology, digital media, financial technology, enterprise software, Internet of Things, devices, diagnostics, digital health and healthcare IT. Currently, Safeguard has 26 partner companies located throughout the United States with operations and customers worldwide. Recent successful exits include Alverix (acquired by Becton, Dickinson for $40 million); Crescendo Bioscience (acquired by Myriad Genetics for $270 million); NuPathe (acquired by Teva Pharmaceutical Industries for $144 million); and ThingWorx (acquired by PTC for initial proceeds of $112 million). For more information, please visit http://www.safeguard.com or Follow Us on Twitter @safeguard.

Forward-looking Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the deployment of capital, the fact that our partner companies may vary from period to period, our substantial capital requirements and absence of liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, and risks associated with our partner companies, including the fact that most of our partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.

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Heather Hunter

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CloudMine
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