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December 13, 2013

Egnyte Closes its $29.5M Series D Funding Round

Egnyte, a comprehensive file-sharing platform provider for the enterprise, has secured $29.5 million in a Series D funding round with participation from Northgate Capital Group, strategic partners Seagate Technology (News - Alert) and CenturyLink, along with additional support from existing investors Google Ventures, Kleiner Perkins Caufield & Byers, and Polaris Partners.

In addition to these strategic partners, the round included participation from an unnamed major storage vendor.

The company proposes to use the funds to expand globally, as well as make strategic investments in product development, sales and marketing.

"We are extremely excited to receive this infusion of capital from our new and existing investors," said Vineet Jain, CEO and founder of Egnyte, in a statement.

Jain said that they clearly recognize the market opportunity and believe that Egnyte is strategically positioned to build on the rapid growth and success the company has already achieved.

He said that this new funding will help fuel the company’s global expansion plans, which include a move to the new 30,000 square-foot US headquarters, as well as the opening of a UK office early next year.

"We were impressed by the combination of Egnyte's consistent financial performance, growing customer momentum and enterprise ready platform so we see compelling potential in Egnyte's market strategy," said Brent Jones, managing partner of Northgate. "We're very excited to invest as we firmly believe that Egnyte is the best strategically positioned company to fully meet the needs of the enterprise file sharing market moving forward.”

Seagate and CenturyLink investments confirm Egnyte's unique platform approach and the mainstream market readiness for enterprise file sharing solutions.

"We believe the enterprise cloud storage space is a key element of the future storage fabric," added Rocky Pimentel, president global markets and customers at Seagate.

Pimentel said that after considering enterprise file sharing providers in the market, the company was impressed with Egnyte's technology and enterprise customer success.

TMCnet in September reported that Egnyte has a new offering that is sure to be popular with businesses and even may help out if the National Security Agency (News - Alert) wants to inspect your files.

Along with the release of Storage Connect, Egnyte has a website with a “PRISM prevention program.”  It tells how files can be protected – if the government is interested in them.


Edited by Alisen Downey
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