Hightail, a US-based cloud storage and file sharing service formerly known as YouSendIt, has secured $34m in series E funding led by Western Digital Capital, the strategic investment fund of digital content services provider and storage device manufacturer Western Digital Corporation, with new investor Accolade Partners joining existing backers, including Alloy Ventures, Sevin Rosen, Emergence Capital, Adams Street Partners and Sigma Partners.
Hightail has received a total of $83m in funding to date.
Hightail will use the capital to execute growth initiatives, including strategic acquisitions, and according to the company, “to take further advantage of the expanding cloud services opportunity, which is expected to reach $220 billion by 2020 according to research from GigaOm.”
Brad Garlinghouse, chief executive officer of Hightail, said: “This is a tremendous milestone for Hightail and we’re thrilled to have both new partners like Western Digital Capital, as well as our returning investors, on board. In a market where valuation is clouded by ‘hype’ we continue to keep the focus on improving our products and strategic partnerships with companies who share our same vision.”
Mark Long, president, Western Digital Capital, said: “We are pleased to have led this financing round and look forward to helping the company expand its cloud storage and collaboration platform. We believe Hightail is addressing an important and growing market opportunity and we’re excited to continue to support innovation and growth of the storage ecosystem.”
Hightail recently acquired adeptCloud, a file sharing and collaboration company focused on security, control and privacy.