CTERA, a provider of hybrid cloud data management, has announced an $80 million investment from PSG Equity, a growth equity firm focused on software and technology-enabled service companies.

This funding round includes both primary and secondary funding and as part of the deal, Ronen Nir, Managing Director at PSG, has joined CTERA’s board of directors, alongside existing shareholders Benchmark, Bessemer Venture Partners, and Red Dot Capital Partners.

CTERA has been recognized a top Leader and Outperformer in the GigaOm Distributed Cloud File Storage Radar for three consecutive years. The company's solutions integrate an edge-accelerated global file system across public and private cloud environments with AI-based ransomware protection and data intelligence services. The capabilities play a role in hybrid cloud initiatives for some of the world's largest organizations, including banks, healthcare institutions, global media groups, and government agencies.

Managing unstructured data effectively is critical for enterprise storage strategies. Hybrid cloud file storage, a rapidly expanding segment within this space, is projected to see adoption rates triple from 20% in 2023 to 60% by 2027, according to Gartner (News - Alert). Also, the rise of AI technology has highlighted the importance of unstructured data management.

CTERA’s solutions are designed to meet these needs, providing seamless data access for users, applications, and AI workflows.

The $80 million investment from PSG Equity will enable CTERA to continue its innovation and expand its market reach. 

"This investment is evidence of CTERA's robust business model and the opportunity it represents," said Ronen Nir, Managing Director, PSG. "We are excited to partner with CTERA as they embark on capturing, what we believe will be an inflection point in the hybrid cloud data market, leveraging both organic and inorganic opportunities to strengthen CTERA’s position and deliver even greater value to its customers."