Cloud Startup Egnyte Gets $16 Million In Funding
Will invest into further development of Hybrid Cloud
Enterprise cloud storage provider Egnyte has successfully secured $16 million (£10.2m) in a Series C round of funding on Tuesday.
Most of the money will be provided by Google Ventures, the tech giant’s entrepreneur division, with additional support from existing investors Kleiner, Perkins, Caufield & Byers (KPCB)and Polaris.
The funds will be used to expand sales and marketing efforts, as well as further the development of Egnyte’s HybridCloud service and the next generation of cloud technologies.
Egnyted
Founded in 2007 and headquartered in Mountain View, California, Egnyte specialises in hybrid cloud infrastructure, tailored to businesses of any size. Its products are available on Windows, Mac OS, Linux, as well as iOS, Android and Windows Phone devices.
Egnyte claims that over one billion files are already being exchanged through its servers on a daily basis. It recently published a case study describing how it helped British construction company Balfour Beatty save over $5.2 million through its HybridCloud offering.
“Hybrid cloud is going to become an important component for global enterprises to run their mission-critcal applications,” said Karim Faris, partner at Google Ventures.
“Egnyte’s market momentum, technology strengths and vision for the future were key in our decision to lead the round. Egnyte is developing a new approach to cloud computing and we are excited to be working with them,” he added. As part of the deal, Faris will join the board of Egnyte.
“As cloud adoption hits an inflection, enterprises are clamoring for a solution purpose built for their needs. Egnyte’s hybrid cloud approach stands out in a market that until now has focused on consumer solutions,” added Matt Murphy, a partner at KPCB.
The company seems to have found a serious rival in the face of Box, another cloud storage provider. “Egnyte HybridCloud is Better for Business than Box”, claims the Egnyte website, while Box advertises itself as being “Easier to Use than Egnyte”.
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