Tuesday, May 28, 2024

Panzura Closes $80M Round for Cloud Data Management

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SAN JOSE, Calif. — The cloud data management company Panzura raised $80 million in Series B financing.

The round included funding from Kayne Partners, a private equity group of Kayne Anderson Capital Advisors, and CIBC Innovation Banking, according to Panzura this month.

Panzura will use the funding to scale operations to continue serving enterprise customers, including key flagship clients, such as Disney, Milwaukee Tool, and BBC America.

The company is also planning to add over 150 team members by the end of 2022. It has openings in engineering, marketing, HR, finance, and sales, offering “perpetual remote work.”

“Our people are everything,” said Jill Stelfox, CEO, Panzura.

San Jose, California-based Panzura currently has around 270 employees, according to LinkedIn.

Panzura provides software for hybrid multicloud data management and relies on immutable storage and scale through the use of artificial intelligence (AI) data analytics.

The company helps “save businesses from the unfortunate new normal of ransomware,” said Dan Waldschmidt, chief revenue officer, Panzura.

“When ransomware threat becomes irrelevant, companies can breathe a sigh of relief and focus on their business,” Waldschmidt said.

Nishita Cummings, managing partner of Kayne Partners, said as her firm “looked at the changing dynamic of how companies store, manage, and protect data, we developed a strong thesis behind platform solutions targeting cloud transformation.”

Holly Dungan, managing director at CIBC Innovation Banking’s Menlo Park office, said the bank is “impressed by the high-caliber team” hired to support growth as well as “the new products they’ve quickly brought to market and their customers’ high accolades for their services.”

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