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YouSendIt, a file delivery service has raised $10 million in Second Round of Funding from Sigma Partners, Alloy Ventures and Sevin Rosen Funds. The current funding round brings the total amount raised till now to $20 million.

In case you haven’t heard about the service till now. YouSendIt allows you to send very large files via “email”. The way it works is that you upload your file(s) to YouSendIt and then enter the email address of the recipients. YouSendIt will send them an email with a link to the hosted file(s).

YouSendIt eliminates the need for business professionals to burn CDs or DVDs in case they have to send important documents. A single CD will cost you $50 to be delivered from coast to coast overnight, where as YouSendIt reduces the amount of time needed, and decreases the money spent in doing so. The service clearly is cutting a lot of slack from a previously inefficient business process.

YouSendIt currently has over four million registered users across 220 countries and over 20,000 paid subscribers. More than 500 million files have been transferred using the service and YouSendIt is transferring over 30,000 gigabytes daily.

Pricing of the service is however a bit tricky. There is a free account type called “Lite” that lets you send files of upto 100MB, with files staying on the servers for 7 days. The maximum download limit being 1GB with maximum number of downloads allowed being 100. So if I send a file of 100MB to 100 recipients, only 10 of them could download it, after which the 1GB limit will expire leaving the rest of the recipients to bite their nails. File limit for all other account types is 2GB with differences in the bandwidth limits.