Industry News Release
The original press release can be found here. This version may be edited from the original.
PITTSBURGH, PA – March 21, 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.
“For the last several years, we’ve been laser focused on expanding our product offerings to help customers overcome their biggest infrastructure challenge––embracing the cloud,” said Ron Bianchini, president and CEO of Avere Systems. “In 2016 alone, Avere has grown its cloud business by 97 percent, nearly doubling growth from the previous year, and closed the year with cloud offerings driving close to half of our annual bookings. This latest investment is a testament to our momentum, the strength of our partnerships, and the hard work our team has dedicated to delivering innovative solutions.”
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.