I read the FAQ earlier today, and it has a list of the team (mostly MIT people) and details the fact that they have got some backing from some kind of VT firm.
Apparently their subscription model is similar to
*Mozy in that the first 1 or 2GB are always free, and after that you'll pay.
*Disclosure : If you try Mozy that link gives me some extra storage on my account. Just don't want people to think I am spamming.. but I do like free storage!