Secures Series "A" Funding from Benchmark Capital
Petach Tikva, Israel and Palo Alto, California - January 6, 2009 - CTERA Networks Ltd., an innovator in next-generation storage solutions, today officially introduced its Cloud Attached Storage technology in advance of this week's Consumer Electronics Show in Las Vegas, NV. By bundling Network Attached Storage (NAS) and cloud storage services into a single appliance, the new technology marries the performance and simplicity of a local NAS device with the scalability and reliability of cloud storage to enable service providers to launch new consumer and small business services.
CTERA also announced that it has secured first-round venture financing from Benchmark Capital.
This week, CTERA is unveiling its smallest form factor appliance, the CloudPlug: a tiny form-factor, plug-top computing device that instantly transforms any external USB hard drive into a NAS device with automatic backup. The contents of any attached USB drive are automatically backed up online without the need for any user intervention or PC client software, thus ridding users of the tedious and expensive task of setting up a dedicated file server and managing the backup process.
"The transparency of an appliance-based service makes it especially appealing to service providers looking to efficiently deploy large-scale managed storage services," said Liran Eshel, founder and chief executive officer at CTERA Networks. "We are actively working with ISPs and MSPs seeking to integrate new managed storage services as part of their next-generation broadband offerings."
"The emergence of cloud storage, coupled with innovations in the established Network Attached Storage market, presents new and exciting opportunities. The challenge is to make storage more reliable and at the same time keep it cost-effective," said Arad Naveh, general partner at Benchmark Capital. "We look forward to working with the CTERA team to introduce this new technology to the market."
CTERA Networks was founded by Liran Eshel and Zohar Kaufman, seasoned entrepreneurs and software pioneers who previously led SofaWare Technologies, a Check Point company (NASDAQ: CHKP), from early incubation to a prime position in the small business network security appliance market.
About Benchmark Capital
Benchmark Capital, a leading international venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark's general partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes high-profile start-ups like Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp, and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. The firm manages nearly $2.8 billion in committed venture capital. For more information on Benchmark Capital, visit its website at www.benchmark.com.