Panzura Lands $32 Million for Hybrid Cloud Storage

Panzura, a start-up based in Campbell, California, raised $32 million in new venture funding for its hybrid cloud storage solutions.

Panzura said its hybrid cloud storage software seamlessly combines the economics, capacity, and business model of cloud storage with the flexibility, performance and features of enterprise storage. The company is adding multiple petabytes of new enterprise storage per month. Panzura added over 26 new petabytes of enterprise storage in 2016 and its hybrid cloud NAS, archive and collaboration storage products were deployed in over 33 countries across multiple industries and governments.

The new funding 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“The on premises storage model is outdated, expensive and collapsing under its own weight,” said Patrick Harr, CEO of Panzura.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.”