CTERA, an Israeli hybrid cloud data management startup, raised $80 million in primary and secondary fundraising led by growth equity firm PSG Equity.
PSG managing director Ronen Nir joined company’s board after the deal, joining Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.
The company’s valuation was not disclosed, although the funds were invested at several hundred million dollars, higher than 2018 funding round.
It appears that PSG Equity, who invested the entire sum, has acquired dozens of percentage points in the company, but below 51% ownership. PSG bought many experienced investor shares, including Venrock.
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It has created an edge-accelerated global file system for public and private clouds with AI-based ransomware security and data insight. Company powers hybrid cloud installations of tens of petabytes for some of the world’s leading banks, healthcare organisations, media firms, and government agencies.
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AI procedures, users, and apps require data access, making unstructured data management more important than ever.
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.”
The new enterprise AI systems need timely corporate data for model training and improved data retrieval to assure relevance and accuracy.
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.”
About CTERA
CTERA leads distributed cloud file storage with over 50,000 enterprise sites and millions of corporate users.
