Enterprise File-Sharer Egnyte Banks $29.5M in Series D Funding
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.
"Egnyte addresses these needs with a single platform, providing the ability to securely access 100 percent of data, including the estimated 60 percent of business files that are too sensitive to go into the cloud," Jain said.
Six-year-old Egnyte currently powers file access and file sharing for more than 40,000 customers around the world on more than 30 petabytes of data stored across the cloud and on 20,000 on-premises storage devices. Some of Egnyte's recent customer wins include Cracker Barrel, Garda, H.D. Smith, IKEA, Tommy Hilfiger and Yerba Buena Center for the Arts.
Jain said Egnyte will use its new funding for global expansion plans, which include a move to a new 30,000-square-foot U.S. headquarters, as well as the opening of a U.K. office early next year.