Avere Systems Closes $14 Million Series E to Expand Cloud OfferingsMarch 22, 2017
Avere Systems today announced the close of a $14 million Series E funding with participation from existing investors Menlo Ventures, Norwest Venture Partners, Lightspeed Venture Partners, Tenaya Capital and Western Digital Capital, and new investor Google Inc. The new investment brings Avere’s total funds raised to $97 million, and will be used to expand the company’s hybrid cloud product offerings so that more organizations can easily take advantage of the public cloud. Avere has established itself as a leader in the hybrid cloud market, helping enterprises reap the benefits of cloud economics and flexibility with solutions based on its high-performance scalable file system.
Avere will use the fresh capital infusion to drive continued product innovation that meets the needs of its growing customer base across industries like media and entertainment, financial services, technology, manufacturing, healthcare research and government agencies. According to Gartner, the worldwide public cloud services market is projected to grow 18 percent in 2017 to $246.8 billion1, as organizations seek ways to adopt the cloud. With the hybrid cloud market estimated to grow to $91.74 billion by 20212, Avere’s FXT Edge filer technology is critical to enabling enterprises to easily integrate applications requiring file systems into the public cloud.