More funding from Bessemer Venture Partners for Israeli cloud platform CTERA
Extending its Series C funding round from July 2014 that brought in $25 million, CTERA Networks announced on Tuesday another $25 million investment that will be used to strengthen the footing of its Enterprise File Services Platform and focus on sales, marketing and customer acquisition initiatives. Bessemer Venture Partners once again led the round, with participation from Cisco and new investor Vintage Investment Partners. This brings their total financing to almost $70 million.
With headquarters now in Israel and the US as well as offices in 10 more locations worldwide, CTERA was founded in 2008 by CEO Liran Eshel and VP R&D Zohar Kaufman, who previously worked together at the Check Point-acquired SofaWare technologies.
CTERA’s platform is designed so that organizations have everything necessary to deploy and manage file services: they can sync, serve and protect data from a secure, centralized solution that is deployable on any cloud infrastructure, all in their own network.
This new funding will be dedicated to keeping the CTERA sales, marketing and customer acquisition efforts on a par with their product development. CEO and co-founder Liran Eshel said in a statement that “This newly announced investment round will enable CTERA to deliver best-in-class products, support and service to an even broader collection of forward-thinking enterprise customers.”
In terms of where they will be focusing, Eshel told Geektime in an email that they are “strongest where customers have a strong security focus… or a global distribution of office infrastructure… or both.” In particular, they will be looking at the “Financial Services, Government, Manufacturing and Healthcare” verticals.
CTERA claim’s that their platform now has over 25,000 customers, including big names like Santander, T-Mobile and The Carlyle Group. Earlier this year the company reported an almost 230% growth of its enterprise business.
Describing themselves in a statement as the “only solution to address the entire spectrum of end user computing file management and data protection requirements”, CEO Liran Eshel told Geektime that while there are “major IT players that have to glue together multiple independent offerings so that they can compete”, he says that there is no company that “competes with our solution with any one product.”
With this level of market dominance, CTERA is showing itself as an apparent leader in this field, throwing out a challenge for the rest of the sector to play catch up.