Egnyte Raises $16 Million In Funding For Cloud Storage
Cloud storage is one of the latest tech fields that seem to attract a lot of VC funding and looking to capitalize on this is Egnyte. The start-up raised $16 million funds from Kleiner Perkins Caufield & Byers and Polaris Ventures. But the biggest contributor in the Series C funding was none other than Google Ventures.
Google’s involvement is important because it shows a willingness to embrace technologies that allow for a better user experience on Google’s own platforms. Egnyte is particularly committed to this and so far users are able to store files in the cloud and have them available on the desktop. Where it really excels is in its ability to transfer files between applications.
Users of Egnyte can move files between say Google GDrive to other areas and other applications—even outside of Google’s ecosystem. The $16 million will help Egnyte carve out a name for itself in what many consider to be a crowded and highly competitive space. The company will need to outsell and outdo competitors like Box which so far has had a whopping $81 million added to its coffers.
But, with Google on board Egnyte should be able to do just fine. With Google’s investment, Egnyte could very well get talent as well and everyone knows that Google hires only the very best.
(Source: sitetrail.com)
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