New York, NY, July 17, 2024 (GLOBE NEWSWIRE) -- CTERA, a leader in hybrid cloud data management, today announced that it has raised $80 million in primary and secondary funding from PSG Equity, a leading growth equity firm focused on software and technology-enabled services companies. As part of the transaction, Ronen Nir, Managing Director at PSG, has joined CTERA’s board of directors alongside existing shareholders Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.
CTERA, named the top Leader and Outperformer in the GigaOm Distributed Cloud File Storage Radar for three consecutive years, combines an edge-accelerated global file system across public and private cloud environments with AI-based ransomware protection and data intelligence services. CTERA is at the core of hybrid cloud initiatives at some of the world’s largest banks, healthcare organizations, global media groups, and government agencies, in deployments that scale to tens of petabytes.
Unstructured data is a critical component of any enterprise storage strategy, representing about 80% of organizational data distributed across branch offices, endpoints, on-premises, and cloud data centers. Within this space, hybrid cloud file storage is one of the fastest-growing segments, with adoption rates expected to triple from 20% in 2023 to 60% in 2027 according to Gartner1.
The proliferation of AI technology helps make unstructured data management more crucial than ever before, as data access is needed not only for users and applications but also for AI workflows. The new enterprise AI platforms depend on timely access to corporate data for training models and for augmented data retrieval to ensure relevance and accuracy.
“We believe CTERA is setting the standard for the modern hybrid data platform, with military-certified security and unparalleled performance,” said Liran Eshel, Founder and Chairman of the Board of CTERA. “The strategic partnership with PSG will enable us to further drive our expansion while delivering top service to our customers, and implement our vision for AI data services.”
"This investment is evidence of CTERA's robust business model and the opportunity it represents," said Ronen Nir, Managing Director, PSG. "We are excited to partner with CTERA as they embark on capturing, what we believe will be an inflection point in the hybrid cloud data market, leveraging both organic and inorganic opportunities to strengthen CTERA’s position and deliver even greater value to its customers."
1 Source: Gartner, Top Trends in Enterprise Data Storage 2023, June 2023.
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CTERA’s social media resources include:
- CTERA Blog: https://www.ctera.com/company/blog/
- Twitter: https://www.twitter.com/CTERA
- LinkedIn: https://www.linkedin.com/company/ctera-networks/
- Facebook: https://www.facebook.com/CTERA/
About CTERA
CTERA is a leading hybrid cloud data platform that provides a cloud-native global file system over public and private object storage, with a rich data services ecosystem that enables enterprises to help gain control of their data for optimal edge performance, data insight, and governance. CTERA is at the core of hybrid cloud transformations of some of the world’s largest banks, healthcare organizations, global media groups, and government agencies, in deployments that scale to tens of petabytes. For more information, visit www.ctera.com.
About PSG Equity
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed over 140 companies and facilitated over 500 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Madrid, Paris and Tel-Aviv. For more information, visit www.psgequity.com/.
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