Egnyte closes Google Ventures led $16 million Series C funding

Google Ventures led a Series C funding worth $16 million for Egnyte, a provider of cloud and hybrid cloud file sharing solutions for enterprises.

The funding was completed with additional support from existing investors, Kleiner Perkins Caufield & Byers (KPCB) and Polaris.

Egnyte will use the funds to expand sales and marketing efforts as well as further the development of hybrid cloud and next generation cloud technologies.

As a part of today’s funding, Karim Faris, Partner at Google Ventures, will join the board of Egnyte. Faris said, “Egnyte’s market momentum, technology strengths, and vision for the future were key in our decision to lead the round.”

Egnyte claims that its solution provides enterprises with the control, scalability, and security they require for implementing a next generation Cloud strategy.

“Hybrid cloud is the right strategy for running mission-critical applications in the enterprise. This investment will not only provide us with the funds to expand our efforts, more importantly all our investors represent a strategic interest and belief that hybrid cloud is the next generation cloud,” said Vineet Jain, CEO, Egnyte.

Egnyte recently bagged a 25,000 seat enterprise deal with Y&R group, the largest deal in the space. Also, the company won a case study with Balfour Beatty, whose use of Egnyte’s hybrid cloud offering saved them over $5 million.

“With nearly one million seats deployed, Egnyte has proven to be the leading solution for enterprise-grade cloud and hybrid cloud storage. As cloud adoption hits an inflection, enterprises are clamoring for a solution purpose built for their needs. Egnyte’s hybrid cloud approach stands out in a market that until now has focused on consumer solutions,” said Matt Murphy, partner, KPCB.

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