Cloud security platform, Netskope has secured $100 million in its Series E funding round which was led by its existing investors Lightspeed Venture Partners and Accel. The round also saw the participation of its other existing investors Social Capital and Iconiq Capital. Along with them, new investors Sapphire Ventures and Geodesic Capital also participated in the round.
On the investment, Arif Janmohamed, Partner at Lightspeed Venture Partners, said:
The cloud has precipitated a tectonic shift in the enterprise that has led to broader implications for computing and security. Since the beginning, Netskope has never shied away from addressing these implications and forging the path in one of the most important segments of security today. We are pleased to be a lead investor in this round of funding as Netskope continues to realize their vision of building an iconic, lasting cloud security company
Adding to that, Eric Wolford, Partner at Accel, said:
One of the guiding tenets of our investment strategy is to find companies with the right mix of vision and talent to tackle big challenges and seize upon disruptive moments. Netskope is one of those companies. Its focus on security for a cloud-first, cloud-scale world has equipped the company to solve the challenges facing security professionals today. The outlook for Netskope is bright, and I’m excited to see how the company will grow and define how cloud security should be done, not just today, but in the future as well
Netskope is a cloud security provider. Using its patented technology, the company’s cloud-scale security platform provides context-aware governance of all cloud usage in the enterprise in real-time. It doesn’t matter if the platform is accessed from the corporate network, remote, or from a mobile device. In simple words, security professionals can understand risky activities, protect sensitive data, stop online threats, and respond to incidents in a way that fits how people work today.
In simple words, the platform provides security professionals to understand risky activities, protect sensitive data, stop online threats, and respond to incidents in a way that fits how people work today. The company claims to have been trusted by the largest companies in the world with the help of its granular security policies, the most advanced cloud DLP, and unmatched breadth of the workflow.
Commenting on the company, Sanjay Beri, founder and CEO, Netskope, said:
When we founded Netskope, we knew that the far-reaching impact of the cloud would require a fundamentally new approach to security. We started with CASB and now we’re expanding our cloud security platform to take on additional challenges. This approach has been met with a firestorm of support from CIOs and CISOs alike who have become frustrated by a security industry that has lagged behind the technology it is charged with protecting.
Further adding to that and on the investment, he said:
Today’s investment gives us the fuel we need to make that vision a reality for enterprises across the world. We’re delighted that our existing investors’ vision for the future of security maps so closely to our own, and couldn’t be happier to welcome Sapphire and Geodesic to the Netskope team
The oversubscribed round brings the company’s total amount raised to $231.4 million, making it the most well-funded Cloud Access Security Broker (CASB) and cementing its leadership in the growing cloud security market. The investment comes on the heels of a strong close to 2016, in which the company claims to have nearly tripled revenue when compared to 2015.
The investment is expected to help the company in advancing and go-to-market of the company’s enterprise cloud security platform. The funds will also help in addressing new security challenges precipitated by the rapid adoption of cloud services.