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Cloud Computing Service Provider Box Receives $81 Million in Latest Round of Funding

Cloud-based enterprise storage firm Box has secured $81 million in a recent round of funding, to be used to expand its operations and increase its workforce.

The company, which already services 77 percent of Fortune 500 companies, allows organisations to store documents on the cloud, to be accessed from anywhere.

Box also provides its own apps, which can be run on the platform, that allow companies to perform business functions like production scheduling and order management.

The recent of funding for Box, which was earlier known as, included and SAP Ventures, along with Bessemer Venture Partners and NEA. Andreessen Horowitz and Draper Fisher, which contributed to the previous $48 million funding round, also took part.

"Businesses of all sizes are moving their information and collaboration to the cloud," said co-founder and CEO of Box, Aaron Levie.

"With this new capital, we'll support their transition by continuing to aggressively out-innovate legacy players like Microsoft. We want to be the simplest way for businesses to manage and share their information at scale,” he added.

The company competes with services like Dropbox, which targets consumers instead of enterprise users, and Domo, which offers business intelligence services for businesses.