Ctera Closes $25 Million Series C Round

CTERA Networks Ltd announced a $25 million series C financing.

Using the funds to accelerate adoption of its Cloud Storage Services Platform, CTERA will build out its go-to-market organization, and build upon existing success in the large and most demanding cloud environments.

The financing round was led by Bessemer Venture Partners who join existing investors Benchmark Capital, Cisco Systems Inc., and Venrock. Existing investors also participated in the series C round.

Designed for large enterprises and service providers alike, Cloud Storage Services Platform is a cloud storage solution to combine enterprise endpoint backup software, enterprise file sync and share software, and cloud storage gateway appliances. As a platform, the technology enables organizations to sync, serve and protect data from one centrally managed solution that is secure and deployable on the cloud infrastructure of their choice.

Earlier this year, the company announced that more than 21,000 businesses are powered by its technology, and marked the shipment of more than 30,000 Cloud Storage Gateways to date.

CTERA has been selected as the platform-of-choice by Fortune 1000 customers across industries including financial services, banking, advertising, telecommunication, utilities, manufacturing.

There are a number of successes that serve as points of enterprise and carrier-grade validation of technology, including:

• A large multi-national insurance firm has deployed Cloud Storage Gateways across thousands of its branch office locations and projects more than $50 million savings over traditional branch office storage.
• A large multi-national financial services firm has successfully deployed CTERA’s Enterprise File Sync and Share and Endpoint Backup software to more than 50,000 users across their enterprise.
• The business services unit of a large telecommunications company has delivered CTERA-powered services to more than 10,000 business customers in less than 12 months.

“CTERA was founded on the belief that organizations will need to control their cloud agenda by delivering secure storage services from the clouds of their choice. Every day, we’re inspired by our enterprise and service provider customers who are enabling users to modernize the way they sync, serve, and protect data,” said Liran Eshel, co-founder and CEO, CTERA. “We’re thrilled to welcome Bessemer Venture Partners to our family of world-class investors and to usher in the platform era of enterprise cloud storage.”

“We are extremely impressed by the strength and breadth of the CTERA Platform and the validation that the company has already received by world-leading enterprise and cloud service provider customers,” said Adam Fisher, a partner at Bessemer who, as part of the financing round, will join CTERA’s board of directors. “There is a wave of disruption transforming how organizations deploy and manage storage that is propelled by the adoption of centrally delivered and managed, cost-effective, and scalable cloud storage, and CTERA is at the center of it all. We’re excited to partner with this emerging leader as it capitalizes on a unique market opportunity.”