Skyhigh Networks, Cloud security startup has raised USD 40 million in new venture capital funding, making its total outside investment to over $105 million.
With participation from Sequoia Capital and Greylock Partners, Thomvest Ventures led the round. This latest round of funding has come with an increase in the valuation of the company from the last round, and it will lead the company through to profitability.
Skyhigh Netwoks plans to use the latest funding to extend its leadership in the rapidly growing cloud security market with its Cloud Access Security Broker (CASB) solution and accelerate its go-to-market investments.
Rajiv Gupta, co-founder and CEO, Skyhigh Networks said, “We are thrilled to have raised an up round from Thomvest, Greylock, and Sequoia, particularly in the current environment.” He added, “It is a testament to the incredible work of our employees and will enable us to accelerate our growth and carry us to profitability. We are delighted to have Umesh Padval from Thomvest join our Board of Directors as we capitalize on the market opportunity to be the control point for the cloud.”
To protect the confidential data stored in thousands of cloud services the adoption of a central control point is a necessary evolution of the security market– from network security to endpoint security to cloud security. Cloud Access Security Broker (CASB) category is one of the fastest growing security markets ever, says the analysts.
Founded in 2013, the cloud security and enablement company Skyhigh Networks, allows enterprises to safely adopt cloud services while meeting their security, compliance, and governance requirements and has over 600 enterprises including Aetna, DIRECTV, General Mills, HP, and Western Union.
With the latest funding, the company will be aiming to increase profitability.