Egnyte Got $16 Million in Series C Round Led by Google Ventures

Egnyte, Inc., provider of cloud and hybrid cloud file sharing solutions for businesses, has closed a $16 million round of venture capital Series C financing led by Google Ventures with additional support from existing investors Kleiner Perkins Caufield & Byers (KPCB), and Polaris Venture Partners.

The funds will be used to expand sales and marketing efforts as well as further the development of hybrid cloud and next generation cloud technologies.

As a part of today’s funding, Karim Faris, Partner at Google Ventures will join the board of Egnyte.

In the past few years consumer grade offerings launched the initial wave of cloud adoption, and as usage exploded, businesses stood up and took notice. Now that cloud computing has established itself, enterprises are looking to the next generation of solutions to usher in widespread use in the corporate environment. Analysts and major corporations agree, hybrid cloud storage will satisfy the long term needs of the enterprise, utilizing existing infrastructure and behind the firewall access, coupled with the anytime, anywhere availability of the cloud.

"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."  

Egnyte’s solution has been embraced by companies globally and provides enterprises with the control, scalability and security they require for implementing a next generation cloud strategy today.  

"We’re thrilled to continue our support of Egnyte. With nearly one million seats deployed, Egnyte has proven to be the leading solution for enterprise-grade cloud and hybrid cloud storage," said Matt Murphy, Partner, KPCB. "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."

Egnyte recently announced customer wins including a 25,000 seat enterprise deal with Y&R group, the largest in the space, and a publicly release case study with Balfour Beatty, whose use of Egnyte’s hybrid cloud offering saved them over $5.2 million.  

"Hybrid cloud is the right strategy for running mission-critical applications in the enterprise. Our vision and execution in the hot cloud computing space reflects that belief and has kept us in a leading position. This investment will not only provide us with the funds to expand our efforts, more importantly all our investors represent a strategic interest and belief that hybrid cloud is the next generation cloud," noted Vineet Jain, CEO, Egnyte.