Egnyte has raised $16 million from Google Ventures for its cloud file storage solution. Existing investors Kleiner Perkins Caufield & Byers and Polaris Ventures also participated in the Series C round.
Egnyte provides a service that stores documents in a cloud environment with the file appearing on the desktop with shared and private folders.
For instance, with Google Apps, people may use Egnyte to access files from Google GDrive or any other file on the hard drive. Docs may be edited and updated on the local and cloud drives.
Egnyte’s strength is in its accessibility but with IT setting policy for how it can be used. With this type of control, IT can give access to users from both in and outside an organization:
Egnyte is banking on the popularity of the hybrid cloud for its long-term growth. It’s the trend all the major cloud services providers are talking about as enterprise shops seek the most logical path to cloud adoption. That means keeping the servers they need and extending out to a cloud service that anyone with permissions may then use.
CEO Vineet Jain said in an interview that the opening of the enterprise market traces back to services such as Dropbox, which raised awareness of how storage can be used.
Egnyte is playing in a deeply competitive space. It competes with the like of Box, Mozy, Syncplicity, SugarSync and,Nasuni, Funding is deep for storage vendors, Box alone raised $81 million last fall.
Egnyte is a business-class online solution that completely eliminates the costs and complexity of purchasing and maintaining traditional file servers, tape backups, FTP and VPN systems. The company was founded in 2006 and is headquartered in Mountain View, California. In July 2012, Egnyte closed a $16 million round of Series C financing led by Google Ventures with additional support from existing investors, Kleiner Perkins Caufield and Byers (KPCB) and Polaris. As a part of this latest...
Google Ventures is the financially motivated venture capital arm of Google Inc., founded in 2009. Google Ventures invests in startups in industries including consumer Internet, software, hardware, clean-tech, bio-tech, health care and others. They aim to invest about $100 million a year, with deal sizes ranging from seed to late-stage investments of tens of millions of dollars, depending on the stage of the opportunity and the company’s need for capital. Google Ventures currently invests in the U.S. and has offices in...
Kleiner Perkins Caufield & Byers (KPCB) is a well known Silicon Valley venture capital firm, due in large part to their past success. They were early investors in many significant companies, including Amazon, AOL, Compaq, Electronic Arts, Google, Intuit, Macromedia, Netscape, Segway, and Sun Microsystems. The name of the firm comes from the four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers. In March 2008, KPCB announced the iFund, a $100M investment initiative focused on ideas...
Polaris Venture Partners was founded in 1996, and in its 10+ years of existence has made investments in successful companies like Akamai, Allaire, Alnylam, Automattic, JibJab, LogMeIn, PowerSoft, QuantCast, Sirtris, and SolidWorks. The company’s portfolio extends beyond digital media investments through its stakes in life sciences and enterprise software concerns and other industries.