Where the new money the answer it is in clouds once it started raining the billionaire by one night
This morning Egnyte announced that it has taken on $29.5 million in new capital. The Series D round of funding was participated in by Seagate, CenturyLink, Northgate Capital, and prior investors Kleiner Perkins, Google Ventures and Polaris Partners.
You probably haven’t heard of Egnyte, but you know the space they compete in, butting heads with Box, Dropbox and others. However, instead of providing a purely cloud play, Egnyte is a hybrid product, fusing both local storage and cloud storage. The company’s bet is that for many large firms, the idea of having their most sensitive data on a public cloud is simply a no-go.
I spoke with the company about its financial performance, and was told that its current revenue range is between $25 million and $40 million. Egnyte declined to be more specific, but did say that it expects to become cash flow break even by the fourth quarter…
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