Palo Alto-based venture firm Meritech Capital Partners has led a $25m Series D round for cloud storage technology specialist Panzura, which is expected to provide enough funding to bring it to profitability.
The round, which brings the fundraising total for the company to $58m, was also backed by existing investors Matrix Partners, Khosla Ventures, Opus Capital and Chevron Technology Ventures.
Panzura saw its customer base jump eightfold in last year and has exceeded 2012 bookings so far this year. It plans to use the funding to expand into the Asia-Pacific region and step up its marketing, sales and engineering operations in the US and the EMEA region.
Meritech managing director Paul Madera said, “The explosion in unstructured data and the desire to make files available to a global, distributed workforce are rendering traditional enterprise file storage infrastructure obsolete.
“Panzura’s solution delivers cloud storage to the enterprise in a scalable, high-performance solution that slashes capital expenditures while enabling seamless global file sharing.”
Meritech has over $2.6bn under management and has provided late stage venture capital to technology companies such as Facebook, Riverbed and Salesforce.com.
Earlier this year the firm participated in a $30m investment round for enterprise software developer Hybris.
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