Enterprise file storage services Egnyte secures $29.5m in funding

Summary:The file-sharing platform has managed to secure millions in a fresh round of funding.

Egnyte has secured $29.5m in a series D funding round, nearly reaching the total investment raised since the company was formed in 2007.

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Northgate Capital Group, strategic partners Seagate Technology and CenturyLink, as well as existing investors Google Ventures, Kleiner Perkins, Caufield & Byers and Polaris Partners all contributed to the latest round of funding. The file-sharing platform says that the money will be used to help the company expand globally, as well as make investments in product development, sales and marketing.

The Silicon Valley-based company plans to establish new offices in areas including Florida, New York and Chicago, as well as triple employee numbers in its European research & development center.

Egnyte is an enterprise-based file sharing service which gives corporations the option to share files online, sync and store while keeping data secure. Administrators have control over user access on the platform, and any highly-sensitive files can either be kept on the premises or stored in the cloud for additional security.

The company's revenue has doubled year-over-year in the past two years, and the storage service predicts that enterprise demand will result in another revenue double by year end. Egnyte currently caters for over 40,000 customers.

"We are extremely excited to receive this infusion of capital from our new and existing investors," said Egnyte CEO and Founder Vineet Jain. "They clearly recognize the market opportunity and believe that Egnyte is strategically positioned to build on the rapid growth and success we've already achieved. This new funding will help fuel our global expansion plans, which include a move to our new 30,000 square-foot U.S. headquarters, as well as the opening of a U.K. office early next year."

Topics: Cloud

About

Charlie Osborne, a medical anthropologist who studied at the University of Kent, UK, is a journalist, freelance photographer and former teacher. She has spent years travelling and working across Europe and the Middle East as a teacher, and has been involved in the running of businesses ranging from media and events to B2B sales. Charli... Full Bio

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