Bessemer leads $25 mln funding of cloud company CTERA

CTERA Networks, which provides a cloud storage services platform, has raised a $25 million Series C round of funding, led by new investor Bessemer Venture Partners. Also participating was existing investors Benchmark Capital, Cisco and Venrock. The company, which has offices in Palo Alto, California, New York and Israel, has now raised $45 million in total funding. As part of the Series C round of funding, Adam Fisher, a partner at Bessemer, has joined the board.

PRESS RELEASE

CTERA Networks Closes $25 Million Series C Round To Usher in the Platform Era for Enterprise Cloud Storage

New York, New York and Petah Tikvah, Israel. – July 2, 2014 – CTERA Networks today announced a $25 million Series C financing.  Using the funds to accelerate adoption of its Cloud Storage Services Platform, CTERA will build out its global go-to-market organization, and build upon CTERA’s existing success in the world’s largest and most demanding cloud environments.

The financing round was led by Bessemer Venture Partners who join existing CTERA investors Benchmark Capital, Cisco, and Venrock.. CTERA’s existing investors also participated in the Series C round.

Designed for large enterprises and service providers alike, CTERA’s Cloud Storage Services Platform is the first cloud storage solution to combine enterprise endpoint backup software, enterprise file sync and share software, and cloud storage gateway appliances. As a platform, CTERA’s technology enables organizations to sync, serve and protect data from one centrally managed solution that is 100% secure and deployable on the cloud infrastructure of their choice.

Earlier this year, the company announced that more than 21,000 businesses are powered by CTERA technology, and marked the shipment of more than 30,000 CTERA Cloud Storage Gateways to date. CTERA has been selected as the platform-of-choice by Fortune 1000 customers across a number of industries, including financial services, banking, advertising, telecommunication, utilities, manufacturing, and many more. There are a number of successes that serve as points of enterprise and carrier-grade validation of CTERA technology, including:

•    A large multi-national insurance firm has deployed CTERA Cloud Storage Gateways across thousands of its branch office locations and projects more than $50 million savings over traditional branch office storage.
•    A large multi-national financial services firm has successfully deployed CTERA’s Enterprise File Sync and Share and Endpoint Backup software to more than 50,000 users across their enterprise.
•    The business services unit of a large telecommunications company has now delivered CTERA-powered services to more than 10,000 business customers in less than 12 months.

“CTERA was founded on the belief that organizations will need to control their cloud agenda by delivering secure storage services from the clouds of their choice. Every day, we’re inspired by our enterprise and service provider customers who are enabling users to modernize the way they sync, serve, and protect data,” said Liran Eshel, co-founder and CEO of CTERA Networks. “We’re thrilled to welcome Bessemer Venture Partners to our family of world-class investors and to usher in the platform era of enterprise cloud storage.”

“We are extremely impressed by the strength and breadth of the CTERA Platform and the validation that the company has already received by world-leading enterprise and cloud service provider customers,” says Adam Fisher, a partner at Bessemer who, as part of the financing round, will join CTERA’s board of directors. “There is a wave of disruption transforming how organizations deploy and manage data storage that is propelled by the adoption of centrally delivered and managed, cost-effective, and scalable cloud storage, and CTERA is at the center of it all. We’re excited to partner with this emerging leader as it capitalizes on a unique market opportunity.”

CTERA is hiring across all functional areas as part of a worldwide expansion effort.  Visit www.ctera.com/company/careers and apply online today.

About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya and Sao Paulo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Shopify, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public. Learn more at www.bvp.com and follow us on Twitter @BessemerVP.

About CTERA
CTERA provides the industry’s first cloud storage services platform. Deployed by Global 1000 enterprises and leading cloud service providers, CTERA transforms private or public cloud infrastructure into scalable, secure, business-critical data services, addressing the storage, data protection, and collaboration needs of business users. CTERA was founded by IT security experts in 2008, and is backed by Benchmark Capital, Bessemer Venture Partners, Cisco, and Venrock. For more information visit www.ctera.com or follow @CTERA on Twitter: www.twitter.com/CTERA.

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