Ctera Networks, a prominent player in hybrid cloud data management, has announced a significant investment of $80 million from private equity firm PSG Equity. The funding, disclosed on July 18, 2024, includes both primary and secondary capital, marking a crucial milestone in Ctera’s growth trajectory. This new round of funding underscores the increasing importance of hybrid cloud solutions as enterprises strive to manage and protect their vast amounts of unstructured data, which now represents roughly 80% of organizational data distributed across various storage platforms.
Founded in 2008 and headquartered in New York, Ctera specializes in providing a comprehensive cloud-native global file system that integrates public and private cloud environments. The company’s hybrid cloud platform includes advanced features such as AI-based ransomware protection and data intelligence, which are essential for modern data management strategies. The platform is currently utilized by hundreds of global organizations, including major banks, healthcare institutions, government agencies, and media companies, highlighting its critical role in the data storage ecosystem.
The new investment will enable Ctera to accelerate its business growth and further develop its AI capabilities. The primary funding will be directed towards expanding the company’s operations and enhancing its technological offerings, while the secondary funding will facilitate the buyout of existing shareholders. This strategic move aims to strengthen Ctera’s position in the market and enhance its ability to deliver cutting-edge solutions to its customers.
Ctera’s founder and Chairman, Liran Eshel, expressed enthusiasm about the partnership with PSG Equity, noting that it will drive the company’s expansion and bolster its ability to offer top-tier services. With offices in multiple countries, including Israel, the USA, France, Germany, Italy, India, Spain, Singapore, and the UK, Ctera employs approximately 150 people globally. The latest funding round not only validates Ctera’s leadership in hybrid cloud data management but also sets the stage for continued innovation and growth in the data services sector.
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