We’re happy to announce today that we have closed a $30M funding round. A warm welcome to our new investors Red Dot Capital Partners from the Singapore Temasek Group and to Singtel Innov8, who joined our existing CTERA major shareholders Bessemer, Benchmark, Cisco, Venrock, Vintage, and the Viola Group.
The new funding comes at a time when CTERA’s momentum has never been stronger. We are doubling our sales, adding new logos faster than before, expanding deployments at some of the world’s largest global enterprise and federal government organizations, and working closely with world-class infrastructure providers such as AWS, IBM, HPE, and Dell EMC.
There are two main market trends driving significant growth for CTERA:
1) Cloud transformation: Enterprises are shifting from legacy storage systems to modern, software-defined cloud solutions.
This week IDC announced that cloud infrastructure sales grew almost 50% year over year to $15.4 B in Q2 2018, while traditional non-cloud IT infrastructure investment continued to shrink. I can tell you that software-defined storage and cloud storage services are some of the highest growth areas in enterprise IT today, as organizations seek to evolve their strategies with modern approaches to file storage systems. It’s a massive shift driven by cloud economics, perhaps no better illustrated by forward-thinking enterprises that today migrate upwards of 80 percent of unstructured data from NAS systems to much more cost-efficient and scalable object storage.
Modern cloud solutions also offer clean, user-friendly interfaces for file collaboration and sharing, mobile access, and more. They are replacing traditional collaboration systems and processes like CMS platforms, FTP servers, and email – and do it all faster and in more productive and efficient ways.
Moving forward, IDC says, enterprises will focus not only on which cloud resources to deploy, but how to manage multiple cloud resources and enable their end users to utilize multi-cloud resources.
All of the above represents why CTERA is today primed to capture a significant growth opportunity. The storage systems market is shifting, and IT requirements are evolving to converge with the unique capabilities of the CTERA Enterprise File Services Platform, which bridges the industry’s widest range of use cases, verticals, clouds, and edge devices into a unified and software-defined fabric.
2) CTERA is perfectly aligned at the intersection of cloud and edge.
Gartner identified “Cloud to Edge” as one of this year’s top IT trends, and it’s a fundamental concept driving many organizations to re-plan their file services strategies for remote locations and devices. How organizations bridge edge data – now increasingly evolving from simple office documents to output from connected devices like smart appliances – with the cloud for storage, distribution, analytics, and other digital management is becoming a key focus.
It’s this focus area in which CTERA delivers unique value to our customers. By leveraging caching, deduplication and compression technologies in our smart edge devices for offices and endpoints, the CTERA platform delivers the industry’s most secure and efficient means to replicate or tier data to the cloud while conversely extending cloud-based services to the edge. This means edge challenges like latency, bandwidth, and data privacy are minimized through a software-defined platform that accelerates file services to any edge location.
Storing data in the cloud but making it as accessible as if it were stored locally opens a new world of opportunity for the distributed workforce. Users can see and manipulate data from anywhere. New collaboration opportunities exist that previously were not possible. Dark data isn’t so dark when it’s stored it in a searchable, analyzable, and shareable cloud storage repository. All of this can greatly impact an organization’s performance, and also, the bottom line.
In summary, it’s an exciting time to be at CTERA as analysts, customers, and investors are all aligned with CTERA’s vision for secure edge to cloud file services. Even more exciting is the added funding for CTERA that will enable expanded global sales and delivery to keep up with customer demand as our business continues to grow. Here’s to the next great chapter at CTERA.