$60M Raised By Nasuni For Its Cloud-Based File Storage Offering
A cloud-based file storage solution provider Nasuni Corporation has announced that it has received a $60 million equity investment from Sixth Street Growth – the growth investing platform of global investment company Sixth Street, which will now also join Nasuni’s board of directors. Nasuni has managed to raise a total of $148 million from four fundings over the previous five years.
Most organizations worldwide are adopting cloud solutions to increase cyber resilience, facilitate hybrid work methods, and to achieve frictionless scalability to fulfill all business demands. As per IDC, cloud file server usage is going to expand at a 40% compound annual growth rate (CAGR), over the next years, which will result in a $14 billion industry by 2025. It means that the file storage market segment is now growing at a faster rate than both block storage and object storage markets.
Michael McGinn, partner and co-head of Sixth Street Growth said, Nasuni is known for offering to get products to its clients, and also solutions that are highly effective at solving pressing needs of efficient cloud data storage and data protection. He further added Nasuni aims to accelerate its already impressive organic growth through international expansion and the development of new features and capabilities to become a leader in the file data service market.
Cybersecurity Attacks
Nasuni’s current valuation is significantly higher than the previous capital round, which was completed 18 months ago. This fast expansion has happened due to the increasing demand for its file storage platform, and also enterprises moving workloads to cloud environments in order to yield the benefits of larger scalability, better economics, and enhanced protection from increasing cyber-attacks.
Paul Flanagan, Chief Executive Officer (CEO) at Nasuni, said, that represented events from the previous 24 months have boosted the generation cloud formation for businesses and the increasing value of data. He further added that cybersecurity threats such as ransomware are forcing businesses to think differently about their data infrastructure and its security. Nasuni has mastered the cloud-based file data services category almost a decade ago and has already led the way in defining the architecture, business model, and user experience. This investment and the continued rapid growth are the validation of the company’s vision.
Nasuni combines file data into readily extensible cloud object storage at a fraction of the price to come up with a cloud-based alternative to traditional NAS and file server silos. Nasuni is also planning to remove the requirement for sophisticated legacy file backup and disaster recovery infrastructure that will make IP administration work easy. Nasuni is headquartered in Boston, Massachusetts, and has clients in over 70 countries.
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