Israeli hybrid cloud data management company CTERA announced today that it has raised $80 million in seed and secondary funding led by PSG Equity. Following the deal, PSG Managing Director Ronen Nir has joined CTERA’s board of directors alongside existing shareholders Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.
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No valuation was disclosed but it is understood the money was invested at a valuation of several hundred million dollars for the company – a higher valuation than CTERA’s last funding round in 2018. PSG Equity, which is understood to have invested the entire amount on its own, has taken a stake in the company in the tens of percent range, though it is less than a controlling 51% stake. PSG has bought out several veteran investors including Venrock.
CTERA has developed an accelerated global file system across public and private cloud environments with AI-powered ransomware protection and data intelligence services. CTERA is at the heart of hybrid cloud initiatives at some of the world’s largest banks, healthcare organizations, global media groups, and government agencies, with deployments reaching tens of petabytes.
The proliferation of AI technology is making unstructured data management more important than ever, as data is not only accessible to users and applications, but also to AI workflows. New enterprise AI platforms rely on timely access to corporate data to train models and retrieve enhanced data to ensure relevance and accuracy.
“We believe CTERA sets the standard for the modern hybrid data platform, with military-grade security and unparalleled performance,” said Liran Eshel, CTERA founder and chairman. “The strategic partnership with PSG will enable us to continue to drive our expansion while providing the best service to our customers, and executing on our vision for AI data services.”
“This investment is a testament to CTERA’s strong business model and the opportunity it represents,” added Nir. “We are excited to partner with CTERA as it embarks on what we believe will be a turning point in the hybrid cloud data market, leveraging both organic and inorganic opportunities to strengthen CTERA’s position and deliver greater value to its customers.”
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 17, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.