Israeli hybrid cloud data management company CTERA today announced that it has raised $80 million in primary and secondary funding led by growth equity firm PSG Equity. In the wake of the deal PSG managing director Ronen Nir has joined CTERA’s board of directors alongside existing shareholders Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.
No valuation was disclosed but it is understood that the funds were invested at a company valuation of several hundred million dollars - a higher valuation that CTERA's last financing round back in 2018. PSG Equity, which is it understood invested the entire amount alone, has acquired a stake of dozens of percentage in the company, although below a controlling stake of 51%. PSG has bught many of the shares of veteran investors including Venrock.
CTERA has developed 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 heart 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.
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.
CTERA founder and chairman Liran Eshel said, "We believe CTERA is setting the standard for the modern hybrid data platform, with military-certified security and unparalleled performance. 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."
Nir added, "This investment is evidence of CTERA's robust business model and the opportunity it represents. 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."
Published by Globes, Israel business news - en.globes.co.il - on July 17, 2024.
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