Funding from Venrock, Benchmark Capital and Cisco Follows Stellar Revenue Growth, Channel Expansion and Customer Acquisition
Palo Alto, Calif. and Petah Tikvah, Israel, March 21, 2012 – CTERA Networks, the leader in cloud storage enablement solutions, today announced it has closed a round of funding led by Venrock, with a strategic investment from Cisco and participation of existing investor Benchmark Capital. Venrock partner Ray Rothrock will join CTERA’s board of directors.
2011 was a year of rapid growth for CTERA, culminating in seven consecutive quarters of consistent double-digit revenue growth and reaching more than 100,000 business end-users, primarily in North America and Europe. The new round of funding will be used to further accelerate the expansion of the CTERA team and address the strong worldwide market demand for the company’s solutions.
CTERA Networks bridges the gap between cloud and local storage, providing optimized performance and end-to-end security. The company’s solutions accelerate deployment of cloud services and eliminate costs associated with file servers, backup servers and tape drives. Service providers and enterprises use CTERA to deliver services such as backup, cloud on-ramping, file sharing, folder synchronization, and mobile access based on the storage infrastructure of their choice.
CTERA’s cloud storage enablement suite comprises a cloud-side service delivery platform, on-premises cloud storage gateways, and agents for servers, laptops and mobile – all with a unified management interface. This hybrid cloud/on-premises architecture combines LAN-speed access with the elasticity and resilience of the cloud. CTERA offers native support for cloud storage infrastructure from multiple vendors including Hitachi Data Systems, EMC, IBM, and others.
“CTERA is the ultimate enabler for both service providers and enterprises that want to leverage cloud storage in order to keep pace with the explosion of unstructured data,” said Ray Rothrock, partner at Venrock. “The company’s executive team, with its impressive track record of capitalizing on market opportunities that stem from disruptive shifts in technology such as big data into the cloud, is deeply experienced in data management, security, and networking. The company is accelerating its penetration into the small, medium and large enterprise. It’s a privilege to be their partner.”
“As business users are drawn into unsecured consumer cloud services, enterprise-grade cloud storage is quickly becoming a must-have for service providers and enterprises,” said Liran Eshel, CEO of CTERA Networks. “CTERA makes it possible for these organizations to create services that have consumer ease-of-use, enterprise security and choice of infrastructure. This recent round of funding, with Cisco’s participation, validates our cloud enablement strategy and will help us pave the way to faster, easier adoption of cloud storage.”
About CTERA Networks
CTERA Networks revolutionizes storage and data protection for SMBs and enterprise branch offices with Cloud Attached Storage®, a hybrid solution that combines secure cloud storage services with on-premises storage appliances and managed end-point agents for a seamless user experience. CTERA provides a cloud service delivery platform that enables service providers and IT resellers to quickly deliver cloud storage, hybrid local/offsite data protection and collaboration as managed services to their customers. For more information, visit www.ctera.com.
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Venrock is a leading venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock’s website at www.venrock.com and follow the firm on Twitter at @venrock.