Panzura plans to store more in the cloud with new $25M
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
The San Jose company led by CEO Randy Chou says it grew its customer base by 700 percent last year after opening an EMEA (Europe, Middle East, Africa) marketing push. The revenue it brought in during the first quarter exceeded all of 2012.
Now it is ready to tackle Asia-Pacific, expects to double its 100-employee work force to bolster that move and projects that it will become profitable this year.
Panzura provides devices that connect to massive amounts of offsite storage for big enterprise customers by partnering with the biggest cloud providers, including Amazon, Hewlett-Packard and Google. Those big cloud partners also help to sell its services.
Panzura's advantage, according to marketing chief Ranajit Nevatia, is the ability to access files stored in those clouds from anywhere across a business and faster than the alternative: on-site storage devices.
"Our customers get rid of their local storage devices while building up their archiving, backup and disaster recovery capabilities because their data is stored in the cloud," Nevatia told me.
Panzura's customers include Dreamworks and the U.S. Department of Justice.
The latest round of funding brings the total invested in Panzura to $58 million. Meritech Capital Partners led the round and its managing director Paul Madera is now on Panzura’s board.
Existing investors also participating in the round include Matrix Partners, Khosla Ventures, Opus Capital and Chevron Technology Ventures.
Click here to read the press release about Panzura's funding.
Click here to subscribe to TechFlash Silicon Valley, the free daily email newsletter about founders and funders in the region.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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