CTERA, a pioneer in hybrid cloud data management, has announced a significant milestone with the closing of an $80 million funding round led by PSG Equity, a prominent growth equity firm specializing in software and technology-enabled services. This investment, comprising both primary and secondary funding, underscores CTERA’s strategic focus on enhancing its hybrid cloud data platform and advancing into the realm of data intelligence.
Founded on the principles of combining edge-accelerated global file systems with AI-driven ransomware protection, CTERA has established itself as a leader in the distributed cloud file storage arena. Recognized as the top Leader and Outperformer in the GigaOm Distributed Cloud File Storage Radar for three consecutive years, CTERA serves a diverse clientele including major banks, healthcare providers, media conglomerates, and governmental agencies, managing deployments that scale to tens of petabytes.
The hybrid cloud file storage market is experiencing rapid growth, with adoption rates projected to triple from 20% in 2023 to 60% by 2027, according to Gartner. This expansion is driven by the increasing importance of managing unstructured data across various environments, from branch offices to cloud data centers. Moreover, the integration of AI technology underscores the critical role of efficient data management for enhancing operational efficiencies and supporting advanced AI workflows.
Liran Eshel, Founder and Chairman of CTERA, expressed confidence in the strategic partnership with PSG Equity, emphasizing its potential to propel the company’s growth trajectory. “CTERA is poised to set new standards in hybrid data platforms, fortified by military-grade security and unmatched performance,” Eshel stated. “This investment will enable us to further expand our capabilities, deliver superior service to our clients, and advance our vision for AI-driven data services.”
Ronen Nir, Managing Director at PSG Equity, highlighted the firm’s strategic alignment with CTERA’s vision for the future of hybrid cloud data management. “We believe CTERA is at an inflection point in the market, and we are excited to support its journey to capitalize on organic growth opportunities,” Nir commented. “Together with CTERA’s management team and existing shareholders, we are committed to enhancing CTERA’s position as a leader in the hybrid cloud data space.”
Editorial Perspective
CTERA’s latest funding round signifies more than just financial investment; it underscores a strategic move towards expanding capabilities in hybrid cloud solutions and data intelligence. As enterprises worldwide grapple with the complexities of managing vast amounts of unstructured data, CTERA’s platform offers a compelling solution that combines security, scalability, and AI-driven insights.
The partnership with PSG Equity not only injects substantial capital but also brings strategic expertise and a network that can accelerate CTERA’s market penetration and innovation. With the hybrid cloud file storage market poised for exponential growth, CTERA is well-positioned to capitalize on these trends and deliver transformative value to its global customer base.
In conclusion, CTERA’s collaboration with PSG Equity marks a significant milestone in its journey towards redefining hybrid cloud data management. As the demand for secure, scalable, and AI-enhanced data solutions continues to rise, CTERA stands poised to lead the charge, setting benchmarks for innovation and reliability in the industry.
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