3/10/2018 – CTERA Networks, a secure edge and cloud file services supplier based in the United States and Israel announced that it has secured US$30 million in Series D funding which was co-led by Singtel Innov8 and Red Dot Capital Partners, a growth fund backed by Singapore’s Temasek Holdings.
Existing investors including Benchmark Capital, Bessemer Venture Partners, Cisco, Venrock, Vintage Investment Partners, and Viola Group also participated in the round that brings the total accumulated capital to US$100 million.
Following the investment, Yaniv Stern, the Managing Partner at Red Dot Capital Partners will also join the CTERA board.
Commenting on the deal, Yaniv Stem said, “we were highly impressed with the unparalleled level of security provided by the solution, and the pedigree of customers and partners CTERA serves.”
“CTERA addresses one of the hottest topics in IT today, which is how to provide corporate users with secure and accelerated data access from any device to any cloud. We are excited to join forces with the company and help drive its global expansion,” he added.
With the funding capital, CTERA plans to expand their global sales and delivery organization, with an emphasis on growth in Asia, and particularly in Southeast Asia and Singapore, as well as the continuous development of its patented file services technology.
“Today more than ever, IT leaders realize that traditional file storage systems are being replaced by modern software-defined file platforms that efficiently connect the edge of the network to the cloud. With over 50,000 edge filers and millions of corporate desktop users deployed, CTERA is leading the way in secure enterprise file services,” said Liran Eshel, CTERA’s CEO and Co-Founder.
CTERA is a cloud storage company that provides a cyber-hardened and unified file sharing and data protection platform that allows enterprise IT to address the full continuum of global file services from the cloud infrastructure of choice.
The startup seeks to enable enterprises to share files seamlessly and securely. Its current key markets are in North America and Europe with its clientele portfolio ranging from IBM and McDonald’s to Hewlett Packard Enterprise and the US Department of Defense.
This funding follows a year of record results for CTERA, in which the company has more than doubled its enterprise software subscription revenue, signed strategic reselling agreements with IBM and HPE, and continued to add world-leading organizations to its customer base, such as WPP Plc.
Regarding its move to Southeast Asia, Liran Eshel is confident that their technology which allows control over data locality will answer both bandwidth and security challenges for enterprises.
“When you look at Southeast Asia countries which have so many political and legal boundaries, you need control over data sovereignty,” explained Liran, stating that’s just one element as to why their technology is so critical to Southeast Asia.
“The second is the huge territory with remote locations,” he added. “It could be branch offices, machines or servers. The distance from the location of the cloud to our cache capability and network acceleration capability is critical.”
However moving their product to the Southeast Asia market would not be immediate, and part of the funding and resources will be used to localized the product which includes adapting local languages.
This news is published on Reuters.