Enterprise File-Sharer Egnyte Banks $29.5M in Series D Funding
The funds will be used to help the company expand globally, as well as make strategic investments in product development, sales and marketing.Enterprise file-sharing platform provider Egnyte revealed Dec. 11 that it has closed a Series D funding round totaling $29.5 million. Key participants were Northgate Capital Group and strategic partners Seagate Technology and CenturyLink, along with additional support from existing investors Google Ventures, Kleiner Perkins Caufield & Byers, and Polaris Partners. The funds will be used to help the company expand globally, as well as make strategic investments in product development, sales and marketing, CEO and founder Vineet Jain said. Egnyte's file-sharing software ties together both on-site and cloud storage systems into a single entity. The Mountain View, Calif.-based company's revenue has doubled year-over-year for the past two years, and the company again expects to more than double revenue in 2013, Jain said.
The rapid expansion of the enterprise file-sharing market overall underscores a growing demand for a do-it-all platform that provides companies with comprehensive file sharing, sync and storage capabilities while also enabling complete control over data and user access, Jain said.