Cloud software storage company Panzura announced Tuesday that it has raised $12 million in a Series B funding round led by Khosla Ventures with participation from existing investor Matrix Partners and newcomer CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC.
Based in Menlo Park, Calif., Khosla Ventures invests in companies in nearly every tech-related sector--mobile, Internet, alternative energy, energy efficiency, storage, materials, and other unconventional areas--at nearly every stage, from seed to late-stage.
Matrix previously contributed to the company's Series A round.
As part of the deal, John Hanten, Venture Executive for Chevron Technology Ventures, has joined Panzura's Customer Advisory Board.
The startup will put its new funding in multiple areas, including sales, marketing, support and R&D. Because cloud storage is still a burgeoning sector, funding that last area--research and development--will be vital to Panzura's future.
"Continuing leadership in R&D will enable [Panzura] to provide solutions that are more secure and cost effective than existing Tier 1 storage options," said Andrew Verhalen, General Partner of Matrix Partners.
Heaquartered in San Jose, Calif. and founded in 2008, is attacking the well-known problem of high costs and pains for unstructured data.
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Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in both traditional venture areas like the Internet, computing, mobile, and silicon technology arenas but also supports breakthrough scientific work in clean technology areas such as bio-refineries for energy and bioplastics, solar, battery and other environmentally friendly technologies. Vinod was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Vinod has been labeled the #1 VC by Forbes and Fortune recently labeled him as one the nation's most influential ethanol advocates, noting "there are venture capitalists, and there's Vinod Khosla." Vinod Khosla founded the firm in 2004.
