Bengaluru: Netskope, a California-based Cloud access security broker (CASB), announces that it has raised $75 million in its Series D fundraising endeavor led by Iconiq Capital – an independent SEC Registered Investment Advisor. Its existing investors – Accel Partners, Lightspeed Venture Partners and Social + Capital Partnership – also made significant contributions to the financing round. The company will shell-out the fresh capital to enhance its sales, marketing, engineering, customer success and R&D operations across the globe. The company is backed by well known VC firms like Accel Partners, Lightspeed Venture Partners and Social + Capital Partnership who have invested over $130 million in the company till date.
“We founded Netskope on the premise that rapid development and adoption of Cloud apps and services would bring about a new security conundrum for IT that simply couldn’t be addressed by existing tools built for on-premises apps or generic websites. Instead, a new innovative solution that brought real-time actionable context and security to the world of cloud apps powered by APIs was clearly needed. The explosive growth we’re experiencing is evidence that organizations need a solution that enables them to mitigate risk, prevent data loss, and govern usage in cloud apps beyond simply ‘allowing’ or ‘blocking’ the apps,” says Sanjay Beri, Co-Founder & CEO, Netskope. “We’re delighted that Iconiq has joined our team, and this investment will fuel our continuing efforts to help our customers safely migrate to and leverage the cloud,” he added.
Commenting on their recent investment, Eric Wolford, Partner, Accel Partners, cites, “Netskope is one of the most important and promising companies tackling the inherent issues in sanctioned Cloud services and shadow IT today. In the past year, its strong team and focused product vision have brought the company rapid growth. We’re very pleased to deepen our partnership and further support Netskope’s efforts to help make cloud apps safer for businesses”.
Sanjay Beri, an Ex-Senior Product Manager at McAfee founded Netskope with a view to address the ongoing issue of rapid Cloud adoption by the enterprises. Using deep usage analytics, Netskope enables the enterprises to keep a track of what Cloud apps are running in the organization and which user is sharing or downloading data. In the last one year, the company has grown its customer database by a massive 500 percent, yielding a 600 percent growth in the company’s revenue. Since its inception in 2012, the company has increased its headcount to over 250 employees across the globe and is also planning to setup data centers across Asia-Pacific & Europe in the days to come.