Venture Capital News: Nasuni Scoops Up $25M Financing
BOSTON, MA, Nasuni, a leading provider of cloud file services, today announced it received $25M in growth equity funding and saw a record-breaking year of revenue and customer expansion.
Led by Telstra Ventures, the round also included participation from existing investors Goldman Sachs, Sigma Prime Ventures, North Bridge Venture Partners, and Flybridge Capital Partners. The new financing will further accelerate Nasuni's go-to-market strategy, build upon the company's rapid growth in 2018 and fuel its expansion into new markets.
Telstra Ventures is the venture capital arm of Telstra, Australia's largest telecommunications company. Steve Schmidt, partner at Telstra Ventures, said: "Application files, from documents and spreadsheets to CAD and creative files, are the lifeblood of most companies. However, traditional approaches to file management are prohibitively expensive and cannot keep pace with the growth of unstructured data. Nasuni offers a modern, future-proof alternative that radically decreases costs, eliminates the need for costly legacy systems and makes new levels of collaboration possible. Those are outcomes all enterprises need and want."
This most recent funding round follows Nasuni's $38M funding in September of 2017 which was led by Goldman Sachs and brings the total funds raised to $145M. With most of the $38M financing remaining on the balance sheet, the additional $25M in financing strongly positions the company to continue to take advantage of this massive market opportunity. Nasuni has continued to deliver record breaking revenue growth, including:
-Software subscription revenue increased by 52 percent year-over-year from 2017.
-Annual Recurring Revenue (ARR) continued to accelerate, achieving a five-year compounded ARR growth rate of 66 percent, with an increase of 120 percent in the last two years alone.
-Q4 2018 marked 19 consecutive quarters of positive subscription software revenue growth.
Nasuni provides a cloud scale software platform that combines the performance of an on-premise network attached file storage solution (NAS) with cloud economics by integrating with public cloud object storage providers such as Amazon Web Services (AWS), Microsoft, Google and high-performance, on-premise solutions from IBM, Dell EMC, and Hitachi to deliver multi-cloud optionality along with global file sharing and collaboration. Nasuni offers NAS, backup, archive, remote office replication, and disaster recovery in a single platform that's infinitely scalable. CIO's can now consolidate their legacy NAS and save up to 60 percent on hardware while their distributed teams can enjoy global file sharing and collaboration. This is an entirely new approach to file storage which has quickly resonated with global customers such as AECOM, Cushman & Wakefield, Jabil, TBWA, Ulta Beauty and others.
"In 2018, we continued to experience phenomenal growth," said Paul Flanagan, president and CEO, Nasuni. "And in addition to seeing record expansion within our current customer accounts we also signed market-leading enterprises in numerous industries. At the same time, we are also making investments in our people, our product and partnerships that are the foundation of the great company that we are building."
Additional 2018 highlights from Nasuni include:
Executive team expansion: Nasuni named Cheryle Cushion, a proven industry veteran marketer with a celebrated and highly successful track record in helping young companies scale and accelerate their go-to-market initiatives, its new vice president of marketing.
Product innovation: Nasuni introduced the industry's first multi-cloud solution that combines primary and archive file storage and automatically reduces costs as files age - an innovation that eliminates the need for IT departments to constantly move files to less expensive, slower storage tiers. Cold files are automatically reclassified to a lower cost-per-terabyte rate but remain in the same location for analytics and can be immediately accessed by users if the need arises.
Partner integration with AWS, Varonis and other leading companies: Nasuni achieved Amazon Web Services (AWS) Storage Competency status for primary storage use cases and is now an AWS Well-Architected Partner within the AWS Partner Network. Additionally, Nasuni now integrates with the VaronisĀ® Data Security Platform.
Employee Growth: The company has increased its employee base 85 percent over the past two years and is currently exploring opening new office space in Boston metro-west with the intention of increasing its engineering team by 50 percent in the next 12 months.
Facility Expansion: The company opened a new office in Durham, N.C. to attract and hire engineering and customer support professionals with significant experience in mission-critical, enterprise technologies.
Global Expansion: Nasuni Cloud File Services is now deployed in more than 6,000 locations across 70 countries. Significant growth also occurred in Europe, where Nasuni continues to expand and now has offices in Germany and the U.K. that serve representatives throughout the region. Nasuni also established a presence in Australia in 2018 as the company began to expand into AsiaPac.
Channel Growth: Nasuni continued to strengthen its go to market strategy and expanded its engagements with numerous partners throughout the world, including Ahead, Bytes Technology Group, CANCOM, CDI, COOLSPIRiT, CLOUDIO, Insight, Materna Information and Communications, MTI Technology, Nephos Technologies, RoundTower, Softcat, and Quorum. Notably, longstanding partners CDW and SHI continued to see dramatic growth in the number of customer engagements with Nasuni.
Industry recognition: Nasuni was featured in the Gartner Hype Cycle for Hybrid Infrastructure Services, 2018 as a key vendor in the Hybrid Cloud Storage category, the first point on the graphic representing the most innovative, "On the Rise" technologies. Additionally, NASUNI ARCHIVE was named a TechTarget SearchStorage 2018 Products of the Year finalist in the Backup and DR software and services category.
Nasuni delivers a single software platform to store, protect, synchronize, and collaborate on unstructured file data at scale. Nasuni Cloud File Services, powered by the patented UniFSĀ® global file system, leverages cloud storage to modernize primary NAS and file server storage; file archiving; backup; and disaster recovery, while offering transformational new capabilities for multi-site file collaboration. By combining the low cost, unlimited capacity, and durability of private or public cloud object storage with the high performance, security, and broad application compatibility of traditional disk-based file storage, the Nasuni subscription service improves workforce productivity, simplifies IT operations, and reduces IT costs. The world's largest companies in 12 industry sectors rely on Nasuni to maximize the business value of their file data and ensure business continuity. Nasuni operates globally from its worldwide headquarters in Boston, Mass., USA.
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About Telstra Ventures
Telstra Ventures is a strategic venture capital firm that is focused on providing synergy revenues to its portfolio companies and financial returns to its investors. Telstra Ventures invests in market leading, high growth technology companies with exceptional products and leaders. Telstra Ventures is backed by two strategic investors: Telstra, one of the 20 largest telecommunications providers globally, and HarbourVest, one of the world's largest private equity funds. With offices in San Francisco, Sydney, Melbourne and Shanghai, Telstra Ventures has invested in over 55 companies since its inception in 2011. Visit telstraventures.com to learn more.
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