There have been lots of interesting things happening at Egnyte recently. Especially-exciting as they apply to the fast-evolving cloud storage & file systems space.
In short, Egnyte delivers a set of services to SMB and SMEs which enable businesses to provision and manage a virtual file server in the Cloud. They’ve had fairly extraordinary success over the past year and as a matter of fact are now helping to synch over 5B files for 500K users of their service.
A few things are exceptional about what they’ve accomplished.
First, they’ve proven that a lightweight, highly-leveraged, high velocity selling model works in the Cloud Storage space. They’ve not only sold to small businesses but have successfully penetrated departments within large enterprises through a web marketing & inside sales-led approach. Their product is incredibly easy to use and everything about its design is targeted towards quick time-to-value. We’re especially thrilled about this, as the company joins Polaris portfolio companies LogMeIn, VKernel, KISSMetrics, Automattic, Recurly and others as solid examples of the “new world order” of SaaS sales & marketing http://bit.ly/h1OyeU.
Second, their Hybrid Cloud strategy is taking hold. Enabling businesses (including users new to the cloud and perhaps a bit wary of it) to have both local (on a VMware virtual machine or Netgear box as examples) and remote cloud file utility has resonated with both customers and the market. Just yesterday, the approach was coined the “gold standard” for online file services http://tinyurl.com/4opvn27 .
And just yesterday as well, the company closed on a $10M Series B http://tcrn.ch/ftXTOz. We (Polaris & Floodgate) are super-pleased that KPCB also sees what we see.
Stay tuned. We’re excited to turn over the next set of cards later this year.