Cloud file storage solution startup, Nasuni secured $40 Million in Funding

Nasuni, a Boston based provider of cloud file storage solutions, has now secured $40 million in funding.

Nasuni is founded by Paul Flanagan. It is a cloud-based file storage company that consolidates network-attached storage and file server silos in cloud storage, built-in backup, delivering infinite scale, and local file server performance.

David Campbell, managing director at Goldman Sachs and Nasuni Board Member, said, "During these uncertain times for the global economy, Nasuni continues to shine. With data capacity under management growing by over 50% annually, a net expansion rate of greater than 115% in each of the last five years, and a capital-efficient business model, Nasuni’s differentiated value stands out. The pandemic has forced enterprise IT to accelerate moving their file infrastructure to the cloud, and Nasuni allows them seamless data access globally from both the cloud and the data center. Nasuni is in a great position to expand and become the market leader not just for cloud file storage, but for all enterprise file storage."

Paul Flanagan, President, and Chief Executive Officer, said, "Closing major funding during these times of economic uncertainty is a testament to the promise that our investors see in Nasuni. When national and local governments issued lockdowns and stay-at-home orders to combat the virus, organizations were faced with a unique challenge: to deliver access to files and manage data center infrastructure remotely. With this new financing, we have all the resources we need to meet the growing demand."

This also included $25 million in equity funding from family offices, venture capital firms, Telstra Ventures, Northbridge Venture Partners. The company also raised a $15 million credit facility from Silicon Valley Bank.

The company, as of now, has plans to use the funds to continue to expand operations and its business outreach, notes the announcement.

PC: Pablo, Unsplash