Keepit ups credit line to USD $90 million for AI push

Keepit has renewed and increased its credit facilities to USD $90 million, backed by HSBC Innovation Banking and Denmark's Export and Investment Fund.

The refinancing extends existing lending arrangements and follows earlier funding rounds, including a USD $50 million equity raise and a previous increase in credit facilities to USD $60 million. The latest package will support product development, broader sales efforts, and further expansion in the enterprise market.

The Copenhagen-based company sells software-as-a-service data protection tools and says it serves more than 25,000 organisations. Its focus is backing up cloud application data in a separate infrastructure environment, particularly for customers in regulated sectors.

Funding plan

Management said part of the new funding will go toward a planned suite of artificial intelligence services. The tools are intended to help customers govern, search, and use data held in backup environments.

Keepit is seeking to expand how customers use stored backup data beyond recovery and compliance. The move comes as software providers and infrastructure groups explore whether archived and protected datasets can support additional analytics and AI-related services.

Recent commercial performance helped secure renewed support from lenders. Keepit also said it has expanded its presence among larger businesses and added customers in industries where immutable backup and data independence matter for compliance.

"The numbers speak for themselves: We have delivered the growth we committed to, and our banking partners have responded by doubling down on their support. This refinancing gives us the runway to pursue the next big milestones: deepening our enterprise penetration, scaling our global channel, and bringing to market a generation of AI-powered services that turn backup data into a live business asset. The opportunity in front of us has never been larger," said Morten Felsvang, Co-founder and Chief Executive Officer of Keepit.

Keepit was founded on the idea that customers should keep protected copies of software-as-a-service data outside the direct control of the original application provider. That approach has gained attention as businesses face tighter rules on data handling and greater scrutiny of resilience and ransomware recovery.

AI focus

The company's next product push centres on using protected data as a source for AI-related tasks. Executives argue that verified point-in-time backups can provide a trusted dataset for governance and retrieval.

"We built Keepit on a simple belief: every organization needs a trusted source of truth - a data fabric that is independent, immutable, and always available. As AI reshapes the enterprise, that foundation becomes exponentially more valuable. We are evolving beyond protection, enabling customers to discover, govern, and activate their data with confidence. This financing accelerates our ambition to transform trusted data into intelligence, insight, and action at scale," said Frederik Schouboe, Co-founder and Chief Visionary Officer of Keepit.

Lenders described the deal as a sign of confidence in the company's recent progress and broader market position. HSBC Innovation Banking has worked with Keepit for several years, and EIFO has also continued its support through the refinancing.

"This latest refinancing and upsizing reflects the strength of our long-standing relationship with Keepit, EIFO and its investors. We are delighted to have supported the company over a number of years, growing with them as they reach new milestones. We are proud to support the growth journeys of innovators like Keepit, who are demonstrating the strength of the Danish ecosystem on the global stage," said Penn.

EIFO linked its backing to both recent performance and the commercial potential of trusted backup data in AI services. The fund is Denmark's national promotional bank and export credit agency and has been active in backing domestic technology companies.

"From EIFO's perspective, Keepit is an outstanding example of what Danish tech can achieve on a global stage. The performance over the past year has exceeded expectations, and the roadmap ahead ― particularly the development of AI services built on top of a uniquely trusted data foundation ― represents a significant opportunity. We are delighted to renew and extend our partnership as Keepit enters this exciting new phase," said Kreiner.