- CTERA raises $80 million from PSG Equity for primary and secondary funding.
- Funding aimed at scaling CTERA’s hybrid data platform and enhancing AI capabilities.
- Strategic focus on acquiring new businesses to strengthen market position.
- CTERA addresses growing demand for hybrid cloud file storage solutions.
- Investment underscores confidence in CTERA’s future growth and innovation.
Main AI News:
CTERA, a prominent player in cloud file services, has bolstered its growth strategy with an impressive $80 million funding round led by PSG Equity. This investment, comprising both primary and secondary funding, underscores CTERA’s commitment to scaling operations and enhancing its hybrid data platform capabilities.
Founded and chaired by Liran Eshel, CTERA aims to redefine the hybrid cloud data landscape with its robust security measures and high-performance solutions. Eshel highlighted the strategic significance of the partnership with PSG Equity, emphasizing their shared vision to capitalize on AI advancements and pursue strategic acquisitions.
“We believe CTERA is setting the standard for the modern hybrid data platform, with military-certified security and unparalleled performance,” remarked Liran Eshel. “The strategic partnership with PSG will enable us to further drive our expansion while delivering top service to our customers and implementing our vision for AI data services.“
Ronen Nir, Managing Director at PSG Equity and newly appointed member of CTERA’s Board, expressed optimism about the collaboration. “We are excited to partner with CTERA as they embark on capturing what we believe will be an inflection point in the hybrid cloud data market,” said Nir. “We foresee significant growth opportunities through both organic expansion and strategic acquisitions, reinforcing CTERA’s market position and delivering enhanced value to its clients.”
CTERA’s strategy aligns with market trends indicating rapid adoption of hybrid cloud file storage, expected to triple from 20% in 2023 to 60% by 2027 according to Gartner. The company is poised to leverage these trends, focusing on harnessing unstructured data across various organizational endpoints, on-premises installations, and cloud data centers.
Eshel addressed the critical role of AI in augmenting data retrieval and training models, essential for enterprise AI platforms. “To create the corporate AI brain, organizations need to feed it with their private data,” explained Eshel. “This process demands secure, efficient data ingestion and integration, challenges that CTERA addresses through its Data Intelligence Service.“
The CTERA Data Intelligence Service is designed to facilitate seamless connectivity between large-scale unstructured data repositories and AI frameworks, enhancing relevance and accuracy in data-driven decision-making.
With PSG Equity’s backing, CTERA is well-positioned to capitalize on the burgeoning hybrid cloud market and advance its AI-driven capabilities, solidifying its leadership in modern data management solutions.
Conclusion:
CTERA’s substantial $80 million investment led by PSG Equity marks a pivotal moment in the hybrid cloud data market. The infusion of funds not only supports CTERA’s ambitious expansion plans and AI integration efforts but also signals robust investor confidence in the company’s ability to navigate and capitalize on evolving data management trends. With a strategic emphasis on acquisitions and technological advancement, CTERA is well-positioned to lead in delivering secure, high-performance solutions that cater to the escalating demand for hybrid cloud services.
