Cloud Computing Based Storage Provider Egnyte Secures $29.5M in Series D Funding

Cloud Computing Based Storage Provider Egnyte Secures $29.5M in Series D Funding

Cloud Computing Based Storage Provider Egnyte Secures $29.5M in Series D Funding

Egnyte is a cloud computing based storage and file sharing service provider to enterprise customers. The funds secured in series D fundings would be used as a strategic investment in different departments to expand its global footprints.

GREATRESPONDER.COM – Egnyte is one of the fast growing cloud computing based file-sharing and collaboration service providers for a wide range of enterprise customers. The headquarters of the company is located in Mountain View California. The company announced its ambitious plans to expand its footprints across the globe and strengthen the strategic management of the company in all its departments such as marketing, product development and sales. For that purpose, it has secured $29.5 million funds in series D funding, which will be used to enhance the service portfolio of the company.

The major investors who participated in this fund raising campaign of this cloud computing based service provider are – Seagate Technology, CenturyLink, NorthGate Capital Group, Google ventures, Polaris partners, and Kleiner Perkins Caufield & Byers. Some of them are existing strategic investors of this cloud computing storage provider company.

The founder and CEO of Egnyte, Vineet Jain told the media that, “ These funds will be used to expand its operation across the globe and especially opening of a regional office and operations in the UK”; and “company is eyeing to enhance the product development, sales and marketing departments through strategic investment” he added.

The company has noticed a huge growth in the demand of enterprise file-sharing and collaboration during the last couple of years and the revenue of the company has doubled. The CEO of the company elaborated about the services of the company, he said, “ Egnyte file-sharing technology combines both on-site and cloud based storage with complete control of the customers over the files. To cater the demand of do-it-all platform, this cloud based file sharing service provider is going to enhance its quality and capabilities.

It was further explained by CEO of the company that “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”.

The company already holds a substantial share in the domain of enterprise file sharing, collaboration and storage services. The present account of Egnyte market consists 20,000 on-site storage devices,  40,000 customers, more than 30 petabytes of data stored in the cloud.

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