July 18, 2024 at 09:03AM
Ctera, a hybrid cloud data management provider, secures $80 million in funding from private investor PSG Equity, bringing total funding to over $100 million. The New York-based firm, founded in 2008, offers a cloud-native global file system for data services, with a focus on hybrid cloud file storage. The company plans to use the funding to expand its business and enhance its AI-based services.
From the meeting notes, it’s evident that Ctera, a hybrid cloud data management provider, has secured $80 million in primary and secondary funding from private investor PSG Equity. The company was founded in 2008 and is based in New York. It offers a cloud-native global file system for file storage and sharing, with a focus on helping organizations gain control of their data.
Ctera notes that hybrid cloud file storage is experiencing significant adoption, particularly as unstructured data becomes a critical component of enterprises’ storage strategy. The company’s hybrid cloud platform, which incorporates AI-based ransomware protection and data intelligence, is already being used by numerous organizations worldwide, including large banks, healthcare organizations, government agencies, and media groups.
The primary funding from the investment will be utilized to expand Ctera’s business and further integrate AI into its services. The secondary funding will be used to buy out existing shareholders.
Furthermore, Ctera has a global presence, with offices in various countries and approximately 150 employees. The company’s founder and Chairman of the Board, Liran Eshel, expressed excitement about the strategic partnership with PSG and emphasized the company’s focus on delivering top service to its customers and implementing its vision for AI data services.