CTERA Networks, a New York City and Petach Tikvah, Israel-based provider of a cloud storage services platform, has closed on a $25 million round of funding, bringing the total raised in its eight-year history to $70 million.
The round was led by Bessemer Venture Partners with additional participation from Cisco and Vintage Investment Partners joining as a new investor.
CTERA plans to use the funding to build its sales and marketing initiatives as its pushes its enterprise file services (EFS) platform deeper into the enterprise. The EFS platform is a private cloud IT-as-a-Service platform for storing, syncing, sharing, protecting and governing data across endpoints, remote offices and servers behind the firewall to secure sensitive data.
CTERA Wants to Speed Growth
In a blog post about the funding, Jeff Denworth, SVP of marketing at CTERA, said the company has "been growing at a very healthy clip." But it wants to speed the sales execution and solution delivery engine "to tackle a unique market opportunity that CTERA is well poised to lead in" — data infrastructure modernization. He explained:
- "After being named a Gartner Cool Vendor in 2013, CTERA has worked extensively with Gartner analysts to convey our vision for secure and accelerated enterprise file services. In the past 12 months, CTERA was referenced over 25 times in market reports. Across them, a unifying theme has developed that we believe both perfectly crystallizes CTERA’s opportunity and unique value proposition in one fell swoop: data infrastructure modernization."
Gartner describes data infrastructure modernization as enterprise systems/resources integration and management with support for federation, e-discovery, data governance and security.
Focus on Enterprise File Services
Denworth said CTERA is poised to help organizations meet their IT modernization and cost containment needs, as well as well as helping them curtail the use of unsecured file sharing services.
Denworth said CTERA's enterprise file services platform provides one platform that can be securely deployed from behind their firewall on their private or public cloud of choice and can also address many use cases – endpoint file sharing, office file sharing, endpoint data protection, office data protection and cloud data protection. It also "uniquely accelerates cloud-based file sharing and data protection to edge of the network to enable office users to access files at LAN speeds and stay online and productive even when the WAN is not available," he noted.
As Denworth noted in a CMSWire interview earlier this summer, “The organizations we work with are the some of the most security-conscious organizations in the world, and cannot and will not entrust their corporate data to public (Software-as-a-Service) SaaS providers."
Title image by Agberto Guimaraes