Entangled Media Raises $3.5 MillionMonday, August 12, 2013
Startup Entangled Media has raised $3.5 million in seed funding from a slate of investors to grow Younity, its application that allows people to access files from any device.
The Santa Monica company announced Monday morning that it has taken its first round of institutional investment from Crosslink Ventures, Draper Associates and Lowercase Capital, among others. Local investors include angels Brian Lee and Kamran Pourzanjani.
Entangled Media graduated from the MuckerLab accelerator program this year with Younity, a free app for iPhones and computers that allows people to access all of their files – including documents, songs and photos – from any personal device.
Chief Executive Erik Caso realizes that the company is going up against some stiff competition in the personal storage space. The largest player is Apple Inc. with its iCloud software.
But while Apple's products are meant to be used with Apple devices, Younity is more agnostic.
"We don't have any religion about storage or device," Caso said. "We really believe that there's an open hole in the market."
The six-person company currently offers Younity for free, but plans on releasing a paid version of the product in the future. In the meantime, the company will use its cash influx to build out its platform and expand onto Android devices.
Caso said Entangled Media hopes to eventually expand beyond Younity to create other complimentary software.
"It's easy to look at just the product we call Younity, but our technology is a ubiquitous data platform," he said. "We take data from anywhere and make it exist in all the places that it should."