Investment banking firm Goldman Sachs provided $75m of series E funding yesterday for Egnyte, a US-based enterprise content management platform developer that counts internet and technology group Alphabet as an investor.
Founded in 2007, Egnyte provides software that uses machine learning to classify and secure a company’s sensitive content, detecting any unusual activity that could indicate a data breach.
The company has also created a content-sharing platform that allows employees to securely collaborate with each other. It has more than 14,000 customers who pay for the software.
The investment was made by Goldman Sachs Private Capital Investing, a subsidiary of the firm’s Special Situations Group. Holger Staude, a vice-president in Special Situations Group, will take a seat on Egnyte’s board of directors.
UBS Investment Bank was placement agent for the round, which brought Egnyte’s overall funding to approximately $133m.
Egnyte last raised money in 2013 when it received $29.5m from GV, the Alphabet unit then known as Google Ventures, along with telecommunications firm CenturyLink, data storage technology provider Seagate, Northgate Capital, Kleiner Perkins Caufield & Byers (KPCB) and Polaris Partners.
GV had previously contributed to the company’s $16m series C round in 2012, which included KPCB and Polaris. The latter two had joined Floodgate for Egnyte’s $10m series B round the previous year.
Vineet Jain, Egnyte’s co–founder and chief executive, said: “We are excited about the new investment from Goldman Sachs and see it as a vote of confidence in our strategy and what we‘ve been able to accomplish to this point.
“Moving forward, with the tremendous market opportunity in front of us, this investment will allow us to focus on the long-term goals for our business – increasing our global presence, expanding our product footprint, and delivering the best customer experience in the industry.”
