Box acquires venture capital-backed Streem


cloudThe venture capital backers of Streem have exited the cloud storage provider to content management technology company Box.

Streem has developed StreemFS, a file system that allows users to access files in the cloud on their desktop, turning the cloud into an extension of their hard drive.

Its technology also enables users to open files stored on the cloud open as fast as local ones.

The company was backed by 500 Startups, Arbor Ventures, Ironfire Capital, Socialatom Ventures, Start Fund and Y Combinator.

Streem was launched in 2012 and earlier this year raised a $875,000 seed round.

One of Streem’s backers, 500 Startups, is currently raising its third venture fund, which is targeting $100m.

If the fund reaches its target, it will be more than double the size of the firm’s $44.1m second fund closed in October last year.

The firm makes investments of $25,000 to $250,000  internet startups in the search, mobile and social segments.

Copyright © 2014 AltAssets