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Panzura Raises Another $25 Million

The new money comes mostly from late-stage funding specialist Meritech Capital Partners

Cloud storage start-ups don’t seem to be lacking for money.

Panzura just raised $25 million in a reportedly oversubscribed D round that should take it to profitability. That makes $58 million since it got started in 2008.

It’s the one that claims to have the most petabytes under management and the largest companies in several key verticals like finance, media, entertainment and government among its customers. It says it grew its customer base 700% last year and at this point in 2013 has already exceeded 2012 bookings.

The new money comes mostly from late-stage funding specialist Meritech Capital Partners with participation by existing backers Matrix Ventures, Khosla Ventures, Opus Capital and Chevron Technology Ventures, the investment arm of the world’s third-largest oil conglomerate.

For his money Meritech co-founder Paul Madera gets a seat on Panzura’s board. He led Meritech’s investments into BlueArc (which went to Hitachi Data), Force10 (bought by Dell) as well as Facebook, Riverbed and Salesforce, all of which went public.

Panzura will use the money to increase its momentum by scaling its US and EMEA marketing, sales and engineering operations and expanding further into Asia-Pacific.

It claims its EMEA expansion, partially funded by its $15 million C round, was “wildly successful,” leading to major customer wins in the UK, Switzerland and the Nordic countries.

It also plans to expand its channel business and explore joint development projects with strategic partners, while continuing its own R&D.

Panzura claims to have the “only cloud-integrated storage system capable of delivering an enterprise-class solution, with network attached storage (NAS) functionality, native cloud support, a globally distributed file system, built-in FIPS 140-2 certified security and data protection, as well as high-speed data transfer rates to and from the cloud, all in a single, seamless data storage solution with unlimited scalability.”

It’s supposed to slash capital expenditures and enable seamless global file-sharing so users can access applications and share information in real-time, no matter its age, location or size.

Gartner says “Panzura should appeal to mid-size to large organizations that want to implement private or hybrid cloud storage to consolidate multi-site file storage, offer more effective project and data sharing, and provide backup and archiving to the inexpensive public cloud.”

Panzura was founded by Randy Chou and John Taylor, who were part of the founding teams at both Aruba and Alteon Websystems, both of which became multibillion-dollar public companies. So you see where Panzura’s going.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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