Nasuni nabs $60M to simplify cloud file storage for enterprises

Boston, Massachusetts headquartered Nasuni, a company known for providing cloud-native file storage and sync services to enterprises, has received $60 million in growth funding, as organizations worldwide continue to accelerate cloud transformation efforts.

Two years ago, the pandemic drove the acceleration of cloud transformation, with organizations moving critical workloads to the cloud to support the new, remote work normal. Now, even as the crisis subsides, the demand for these solutions is not slowing down, including that of cloud file storage.

Large organizations, in particular, want to stay ahead of the curve and are moving (or looking to move) growing volumes of file data from traditional, hardware-based on-premise storage and data protection solutions to the cloud. The goal is to bring scalability, security and cost efficiency to the storage system, which is exactly what Nasuni facilitates.

Nasuni file data platform

Founded in 2009, Nasuni provides a platform that consolidates file data in easily expandable cloud object storage at a fraction of the cost of traditional network-attached storage (NAS) and file server silos. 

The solution sits as a virtual gateway between on-premises systems and distributed file storage in the cloud and provides IT admins with a single console to provision and manage file storage in any part of the world. This way, organizations can easily share and access files globally from the office, home or on the road. In addition, it also eliminates the need for complex legacy file backups and disaster recovery infrastructure.

“Your department, project, and organizational file shares and application workflows are at the heart of your firm’s productivity. Nasuni, combined with Microsoft Azure, AWS, or Google Cloud object storage, delivers a modern file infrastructure that spans any number of locations, eases administration, and costs less,” the company notes on its website. 

Overall, Nasuni claims that the solution can cost 50% to 70% less than traditional storage and easily handle rapid unstructured data growth across the enterprise.

“Nasuni has 650 enterprise customers, including numerous Fortune 500 enterprises and 25+ industry leaders. Over the last five years, we have been a very capital-efficient company maintaining a modest burn rate while at the same time our SaaS revenue has grown at a steady compounded annual growth rate of 42%,” Paul Flanagan, CEO at Nasuni, told Venturebeat.

“In 2021, we saw 81% growth in new customer bookings and contract values continuing to expand regularly into the high six and seven figure range. With this additional financing and our position in the market, we believe we will see our overall growth rates accelerate,” he added.

Plans with fresh capital

With the fresh investment, which was led by Sixth Street Growth, Nasuni plans to focus on international expansion, potential strategic acquisitions and innovation, especially in the cyber resiliency department.

“Traditional hardware-based storage and data protection don’t work for the realities of today’s threats. Our cloud-based model lets us have near-instant recovery from ransomware. We plan to continue to invest in data security. Another competitive differentiator is multi-cloud, so we continue to ensure our customers can move from any public cloud provider they want to leverage,” Flanagan said.

A part of the funding will also go toward introducing new integrations via Nasuni Labs, an open-source repository the company launched on GitHub in February 2022.

As per IDC, cloud file services adoption will reach a five-year compound annual growth rate (CAGR) of 40% and become a $14 billion market by 2025. This is higher than both the block and object storage markets. Other companies operating in the same space are NetApp, Panzura and CTERA.

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