Panzura, a hybrid cloud storage provider, today announced a new $32 million growth capital round led by Matrix Partners and joined by Meritech Capital Partners, Opus Capital, Chevron and Western Digital as well as an undisclosed strategic investor.
The company plans to use the financing to scale its leadership in leading the massive transformation of the $32B on-premise storage market spend to a cloud first storage model. The monies will also be used to expand Panzura’s hybrid cloud storage offerings for high performance database and virtual workloads, big data analytics and Internet of Thing (IoT) applications.
“We invest in large market disruptions and there isn’t a larger disruption than the transition to the cloud. We are excited to lead this growth round as the company expands its portfolio and accelerates its market traction in moving customers to a cloud first storage model,” said Andy Verhalen, General Partner, Matrix Partners.
Panzura claims that companies and agencies such as Chevron and DOJ replaced their traditional Network-attached storage (NAS) and archive environments with its services to move to hybrid cloud storage and reduce their costs by 70%. The company plans to further leverage its strategic hybrid cloud architecture to consolidate additional storage protocols for high value workloads — database, virtual, analytics and IoT — and scale storage into the cloud.
“The on premises storage model is outdated, expensive and collapsing under its own weight,” said Patrick Harr, CEO, Panzura.
“With a cloud first model and Panzura, customers can modernize their storage architectures, significantly reduce their costs and scale on demand without the overhead and capital required before. We are excited about the new round as it enables us to expand our reach to new customers and markets that will benefit from the significant shift from the dying, on premise storage model to hybrid cloud storage,” Harr added.
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