Google and Seagate backed Egnyte raises $29.5m in new funding

Google and Seagate funded startup Egynte has raised $29.5 million [£18 million] in funding to allow it to continue with its global expansion efforts.

The enterprise file sharing startup sourced the funding via a Series D funding round that was carried out in conjunction with Northgate Capital Group and the money will help it to expand as well as be used to make strategic investments in product development, sales and marketing.

“We are extremely excited to receive this infusion of capital from our new and existing investors,” said Egnyte CEO and Founder Vineet Jain. “They clearly recognize the market opportunity and believe that Egnyte is strategically positioned to build on the rapid growth and success we’ve already achieved. This new funding will help fuel our global expansion plans, which include a move to our new 30,000 square-foot US headquarters, as well as the opening of a UK office early next year.”

Seagate Technology and CenturyLink worked as strategic partners by providing funding during the round and existing investors Google Ventures, Kleiner Perkins Caufiled & Byers, and Polaris Partners laid on additional support.

“We believe the enterprise cloud storage space is a key element of the future storage fabric,” said Rocky Pimentel, President Global Markets and Customers at Seagate. “After considering enterprise file sharing providers in the market, we were impressed with Egnyte's technology and enterprise customer success.”

Over the past two years the company’s revenue has doubled year-on-year and for the year ending 2013 it is again projecting the same outcome as demand continues to spur its fast growth and expansion strategy.

Egnyte currently has around 40,000 customers worldwide with over 30 petabytes of data stored in the cloud and 20,000 on site storage devices and its customers include the likes of IKEA, Balfour Beatty and Tommy Hilfiger.