Egnyte raises $6 Million in first round of funding
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Egnyte raises $6 Million in first round of funding
Bangalore: Mountain View-based Egnyte, a provider of on-demand file server products, has raised $6 million in series A funding. This funding was led by new investor Polaris Venture Partners and existing seed investor Maples Investments. This round of funding will be used to accelerate market adoption of Egnyte's products and grow channel distribution for the service. Founded in 2006, Egnyte provides an on-demand file server for small and mid-sized businesses to store all corporate data, share files within and outside the company and backup employee computers in the cloud. In March 2009, the company unveiled a complementary solution to its existing on-demand file server - Egnyte 'Local Cloud'. According to Egnyte, its 'Local Cloud' blends a hosted online solution with an on-premise solution, providing the benefits of unlimited storage, secure access anywhere, easy file collaboration, built in disaster recovery, fast access, off-line access and the ability to run client server applications locally. "In the past six months, we have seen a 15 percent month over month growth rate as small businesses look for new data infrastructure solutions that are both affordable and efficient," said Vineet Jain, CEO of Egnyte. "As interest in cloud computing grows, we believe our technology solutions have enormous potential in reassuring both large and small businesses that a cloud-based file server can be cost effective, reliable and secure," he added.

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