Egnyte

Egnyte is a software company headquartered in Mountain View, California. It sells cloud-based content security, compliance, and collaboration tools for businesses. Egnyte was founded in 2007 with a focus on modernized file servers, but it has since shifted to selling tools that help users securely collaborate with coworkers and third parties.

Egnyte, Inc.
TypePrivate
IndustryTechnology
Cloud software
Cloud content security
Founded2007
HeadquartersMountain View, California
Key people
Vineet Jain (CEO)
Websitewww.egnyte.com

History

Egnyte was founded in 2007, and incorporated in 2008.[1][2] The privately-held company was founded by Vineet Jain, Rajesh Ram, Kris Lahiri, and Amrit Jassal.[3]

Egnyte received $1 million seed venture capital in 2007, $6 million in July 2009,[2] $10 million in 2011, and $16 million in 2012. Egnyte announced a $29.5 million investment in 2013 that included Seagate, CenturyLink, Northgate Capital, and prior investors Kleiner Perkins, Google Ventures and Polaris Partners.[4] In 2018, Egnyte has raised $137.5 million, including $75 million in Series E funding in 2018, led by Goldman Sachs.[5][6]

By the end of 2019, the company reported having more than 16,000 customers worldwide, and it had reached more than $100 million in annual recurring revenue.[7]

Egnyte initially sold cloud and on-premises file servers but later added features for collaboration and security and shifted its focus to cloud content governance for businesses.[8][9] In 2020, it combined its two primary products—Egnyte Protect and Egnyte Connect—into one platform to manage, govern, and secure data.[10]

That year, the long vacated CFO position, previously held by Steve Sutter, was filled by Suzanne Colvin, former CFO at Napster.[11]

In January 2022, the company announced that it was seeking an IPO.[12] Later that month, it was announced that Alexa King, former executive VP at FireEye would serve as a board director.[13]

Features

The Egnyte platform provides content security, compliance, and collaboration capabilities to govern content.[6] Egnyte's software can be used to scan a range of data repositories for malware—including email, on-premises storage, and third-party cloud storage—and block ransomware attacks from spreading.[14] Egnyte also has a Governance Risk Dashboard that analyzes an organization’s risk level and provides feedback on areas of improvement.[15]

Egnyte’s collaboration features include cloud storage,[16] as well as co-editing of files in Microsoft 365 and Google Workspace.[17] Egnyte uses machine learning to predictably cache files for faster local access and to automatically categorize sensitive content.[18][19]

Egnyte integrates with a number of business productivity tools, including Box, OneDrive, DropBox, Slack, Microsoft 365, Google Workspace, AWS, and Salesforce.[20] It also sells industry-specific software to the construction and life sciences industries.[21][22]

Egnyte offers tiered pricing plans with varying capabilities. For example, all of its SaaS subscribers get ransomware protection against 2,000 known threats and file versioning, while enterprise customers have access to file restoration and abnormal activity detection features.[23]

See also

References
  1. Dylan Tweney (6 September 2013). "Egnyte founder Vineet Jain is driven to succeed - and share". Venture Beat. Retrieved 6 February 2017.
  2. "Form D: Notice of Exempt Offering of Securities". US SEC. 30 July 2009. Retrieved 6 February 2017.
  3. Motley, Josiah (6 June 2017). "How a startup that was formed in a closet grew to over 300 employees". TNW | Contributors. Retrieved 20 January 2022.
  4. "Egnyte Takes On $29.5M in New Capital To Grow Its Enterprise Cloud File Storage Business". TechCrunch. 11 December 2013. Retrieved 15 December 2016.
  5. Weinberger, Matt. "A profitable Google-backed startup just raised $75 million from Goldman Sachs. Its CEO explains why it waited 5 years for fresh funding". Business Insider. Retrieved 20 January 2022.
  6. King, Timothy (22 December 2021). "The 16 Best Data Governance Tools and Software for 2022". Best Data Management Software, Vendors and Data Science Platforms. Retrieved 20 January 2022.
  7. "The newest members of the $100M ARR club". TechCrunch. 13 December 2019. Retrieved 23 April 2020.
  8. "Egnyte kindles SaaS with enterprise ransomware protection". SearchStorage. Retrieved 20 January 2022.
  9. "Egnyte Sports A New Look And Adds Security To Share The Most Sensitive Files". TechCrunch. 25 September 2013. Retrieved 6 January 2023.
  10. "Egnyte unifies its security and productivity tooling into single platform". TechCrunch. 18 February 2020. Retrieved 20 January 2022.
  11. Shubarth, Cromwell (23 July 2020). "After Covid reset, Egnyte hires new CFO to help map out its future". www.bizjournals.com. Retrieved 4 November 2022.
  12. Tse, Crystal (26 January 2022). "Cloud Content Security Firm Egnyte Planning for 2022 IPO". www.bloomberg.com. Retrieved 15 September 2022.
  13. Tse, Crystal (26 January 2022). "Cloud Content Security Firm Egnyte Planning for 2022 IPO". www.bloomberg.com. Retrieved 4 November 2022.
  14. "Egnyte introduces new features to help deal with security/governance during pandemic". TechCrunch. 20 October 2020. Retrieved 20 January 2022.
  15. "Egnyte Launches New Data Security Tools for Mid-Market IT Organizations - HS Today". 28 April 2021. Retrieved 20 January 2022.
  16. Daniel Blechynden (26 March 2021). "Livedrive for Business vs Egnyte Business vs Box for Business". Tom's Guide. Retrieved 20 January 2022.
  17. Pickavance, Mark (17 May 2022). "Egnyte cloud storage review". Tech Radar.
  18. "Egnyte introduces new features to help deal with security/governance during pandemic". TechCrunch. 20 October 2020. Retrieved 20 January 2022.
  19. "Egnyte Announces New Layer In Its Industry-Leading Content Intelligence Engine". PRWeb. Retrieved 20 January 2022.
  20. "The best cloud storage services to sync and save your digital life". Popular Science. 1 September 2021. Retrieved 20 January 2022.
  21. "Top Construction Apps for 2020". www.rakenapp.com. Retrieved 20 January 2022.
  22. "Egnyte Expands Life Sciences Suite with New Application". MarTech Series. 8 December 2021. Retrieved 20 January 2022.
  23. "Egnyte kindles SaaS with enterprise ransomware protection". SearchStorage. Retrieved 20 January 2022.
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