Egnyte secures $29.5 million in funding

LONDON, UK: Egnyte, the provider of the most comprehensive file-sharing platform for the enterprise, has closed its $29.5 million Series D funding round.

It has participation from Northgate Capital Group, strategic partners Seagate Technology and CenturyLink, along with additional support from existing investors Google Ventures, Kleiner Perkins Caufield & Byers, and Polaris Partners. The funds will be used to help the company expand globally, as well as make strategic investments in product development, sales and marketing.

Egnyte's revenue has doubled year-over-year for the past two years and the company expects to more than double revenue ending 2013. Egnyte's fast growth and the rapid expansion of the enterprise file-sharing market overall underscores the unprecedented demand for a platform that provides companies with comprehensive file sharing, sync, and storage capabilities while also enabling complete control over data and user access.

Egnyte uniquely addresses these needs with a single platform, providing the ability to securely access 100 percent of data, including the estimated 60 percent of files that are too sensitive to "go to the cloud". Today Egnyte powers file access and file sharing for its more than 40,000 customers around the world on more than 30 Petabytes of data stored across the cloud and 20,000 on-premise storage devices.