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Cloud Storage Solutions Provider Panzura Secures $25 million Series D Funding

June 10, 2013
by Staff Writer

Cloud storage solutions provider Panzura has secured $25 million in Series D funding designed to fund its growth and move it towards profitability. The latest investment brings total funding in the company to $58 million.

Panzura's latest funding was provided by Meritech Capital Partners and included the participation of its current investors Matrix Partners, Khosla Ventures, Opus Capital and Chevron Technology Ventures. Increased investment in Panzura also came alongside changes in the company's organization, with Managing Director Paul Madera joining its Board of Directors.

Recognized as a "Cool Vendor in Storage Technology" by Gartner in 2013, Panzura overcomes companies' data location issues by offering cloud-based data storage management and distribution services. Its global cloud storage solution provides the benefits of distributed storage with the security and cost benefits of centralized storage.

Panzura's cloud storage solution offers enterprise-class storage utilizing a network attached storage (NAS) functionality, native cloud support, and a globally distributed file system. The solution also offers FIPS 140-2 certified security and data protection alongside high-speed data transfer rates to and from the cloud. In 2012 the number of customers the company catered to rose by 700%. In 2013 the company has already exceeded the number of customers it gained in 2012, with major new customers in Switzerland, the UK, and some Nordic countries.

With its latest investment Panzura will capitalize on its growth and maintain its current expansion into the Asia-Pacific region. The investment will also support its US and EMEA-based marketing, sales and engineering activity. The company now intends to enhance its channel ecosystem and consider strategic partners for potential development projects.

“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,” explained Panzura's CEO and co-founder Randy Chou. “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.”

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