Cloud-enabled file services company CTERA Networks has secured a $30 million Series D growth equity funding round. The new financing will be used for the expansion of CTERA’s global sales and delivery organization, with an emphasis on growth in Asia, and particularly in Southeast Asia and Singapore.
This funding round 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. These include McDonald’s, WPP Plc and the U.S. Department of Defense, as well as global top-5 banks, insurance companies, global advertising groups and defense organizations.
“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,“ said Liran Eshel, co-founder and CEO of CTERA. “With over 50,000 edge filers and millions of corporate desktop users deployed, CTERA is leading the way in secure enterprise file services. We are delighted to welcome Red Dot and Singtel Innov8 to CTERA and look forward to working with them and our other shareholders to continue our growth momentum and global expansion.”
This Series D funding round was led by Red Dot Capital Partners, a Temasek Holdings backed growth fund, with the support of new investor Singtel Innov8 and with the participation of all existing shareholders: Benchmark Capital, Bessemer Venture Partners. The new funding will also be used to power the continued development of CTERA’s patented file services technology.
“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,” said Yaniv Stern, Managing Partner at Red Dot Capital Partners, who will join the CTERA board. “We were highly impressed with the unparalleled level of security provided by the solution, and the pedigree of customers and partners CTERA serves. We are excited to join forces with the company and help drive its global expansion.”