CTERA, a renowned leader in hybrid cloud data management, today announced a significant financial boost, securing $80m in a mix of primary and secondary funding from PSG Equity.
PSG Equity, a prominent growth equity firm that specialises in software and technology-enabled services, has strengthened its partnership with CTERA through this investment. Ronen Nir, Managing Director at PSG, has joined the board of directors, aligning with existing stakeholders such as Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.
CTERA is celebrated as the top leader and outperformer in the GigaOm Distributed Cloud File Storage Radar for three consecutive years. The company provides a unique edge-accelerated global file system that spans both public and private cloud environments. It integrates AI-based ransomware protection and data intelligence services, making it a cornerstone in hybrid cloud strategies for major global institutions across banking, healthcare, media, and government sectors.
Handling unstructured data, which comprises about 80% of enterprise data scattered across various locations, is a focal point for CTERA. This data is crucial for hybrid cloud file storage, a sector witnessing rapid growth. Forecasts by Gartner suggest that by 2027, 60% of I&O leaders will have implemented hybrid cloud file deployments, a significant increase from 20% in early 2023.
Liran Eshel, Founder and Chairman of the Board at CTERA, 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.”
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