Meritech Capital Partners leads new round to fuel Panzura’s growth to profitability
SAN JOSE, CA – June 6, 2013 – Panzura, a leading provider of global cloud storage solutions, today announced that the company has closed a $25 million Series D funding round led by late-stage funding experts Meritech Capital Partners with participation from its existing investors Matrix Partners, Khosla Ventures, Opus Capital and Chevron Technology Ventures, the investment arm of the world’s third-largest oil conglomerate. Meritech Capital Partners managing director Paul Madera joins Panzura’s board of directors. The new round of funding brings the company’s total backing to $58 million, and is expected to fund the company through profitability.
Panzura grew its customer base by 700 percent in 2012 and has already exceeded 2012 bookings thus far in 2013. The new capital will be applied toward continuing this hyper-growth and increased momentum. The company will expand its strong international sales presence into the Asia-Pacific region, while continuing to scale its US-based and EMEA-based marketing, sales and engineering operations. The EMEA expansion partially funded by the company’s Series C round was wildly successful, leading to major customer wins in the UK, Switzerland and the Nordics. The company also plans to continue aggressively expanding its channel ecosystem and exploring joint development projects with strategic partners, while continuing a concerted emphasis on internal research and product development.
Meritech Capital Partners was a pioneer in and focuses exclusively on late-stage investing. Paul Madera was a founder of Meritech Capital Partners in 1999. Recognized multiple times on the Forbes Midas list, Paul is known for his successful investments in enterprise cloud and infrastructure companies; he has led Meritech’s investments into BlueArc (Hitachi Data), Facebook, Force10 (Dell), Riverbed Technology (RVBD), and Salesforce.com (CRM) among others.
“The explosion in unstructured data and the desire to make files available to a global, distributed workforce are rendering traditional enterprise file storage infrastructure obsolete,” said Paul Madera, managing director at Meritech Capital Partners. “Panzura’s solution delivers cloud storage to the enterprise in a scalable, high-performance solution that slashes capital expenditures while enabling seamless global file sharing.”
Panzura offers the only cloud-integrated storage system capable of delivering an enterprise-class solution, with network attached storage (NAS) functionality, native cloud support, a globally distributed file system, built-in FIPS 140-2 certified security and data protection, as well as high speed data transfer rates to and from the cloud, all in a single, seamless data storage solution with unlimited scalability. Due to its success in this market, Panzura has the largest number of petabytes under management and boasts the largest companies in several key verticals (including finance, media, entertainment, and government) among its customers.
Gartner recently recognized Panzura as a Cool Vendor in storage technology for 2013. According to the citation, “Panzura should appeal to midsize to large organizations that want to implement private or hybrid cloud storage to consolidate multisite file storage, offer more effective project and data sharing, and provide backup and archiving to the inexpensive public cloud.”
“Panzura is delighted to be adding the expertise of our new partners at Meritech, and particularly late-stage funding guru Paul Madera to our board, and we are encouraged by the ongoing support of our existing longtime partners,” said Randy Chou, CEO and co-founder of Panzura. “Panzura provides the only viable cloud-based solution for the enterprise, directly enabling high-value business objectives – such as improved cost, scale, management, availability and global access – while fitting seamlessly into existing IT infrastructures. With the support of this Series D round, Panzura looks forward to profitability and the further innovation and development of global cloud-integrated storage solutions.”
Panzura optimizes enterprise data storage management and distribution in the cloud, making cloud storage simple and secure. Panzura’s revolutionary global cloud storage solution seamlessly combines the flexibility, performance and productivity benefits of distributed storage with the manageability, security and cost benefits of centralized storage, overcoming fundamental “administrator vs. user” and “budget vs. performance” conflicts. With Panzura, data location no longer affects usage. Panzura: Cloud Storage Made Seamless. For more information, visit www.panzura.com or email firstname.lastname@example.org.
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