Netskope, a cloud access security broker, has not announced it raising $75 in Series D round of funding led by Iconiq Capital along with the other existing investors like Access Partners, Lightspeed Venture Partners and the Social and Capital Partnership. This funding amount has raised the company’s total funds to over $130 million.
Founded in 2012, the startup Netskope assist companies in finding, understanding and securing more than 5000 cloud and software-as-a-service (SaaS) apps. Based in Los Altos, California, the startup was founded by Sanjay Beri, Lebin Cheng, Ravi Ithal and Krishna Narayanaswamy. “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,” said Beri, CEO of Netskope.
As one of the pioneer in the cloud security broker, Netskope has risen to great importance by experiencing triple digit growth in revenue around 600%, with 500% number of clients and total number of users more than 250%.
Beri added, “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. We are 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.”
With the fresh funds, the Netskope plans to widen sales, implementing new marketing strategies, customer success, engineering and research operations globally. Netscope’s APAC regional sales director Yu Jing Cheng said that the new fund will boost the company’s development and growth in Asia-Pacific, majorly in Australia and New Zealand, Europe, Latin America, Israel and Canada.
Cheng said, “From expanding our datacentre footprint to growing our sales, marketing and relationship with the channel, we see customers around the globe moving beyond shining a light on shadow IT to the safe enablement of sanctioned and unsanctioned cloud apps in every corner of their business. It’s an exciting time to be the leading cloud access security broker.”
Netskope maintains a perfect blend of cloud services with restricted their use in their environment. This helps the organizations to audit their cloud services access to access actionable intelligence on what their end users use and do in the cloud. This gives an upper hands on hackers as the startup helps the businesses implement policies around the cloud services.