Post this round of funding, CoreStack's total funding rose to $13 million, which the company will use to expand its sales and marketing efforts as well as accelerate product development
FREMONT, CA: CoreStack, a Seattle-based venture-backed startup that helps enterprises to achieve autonomous cloud governance at scale, announced the closure of $8.5 million Series A round of financing.
Naya Ventures led the round of funding besides participation from other strategic investors. Managing Director of Naya Ventures, Dayakar Puskoor, will join CoreStack's Board of Directors, as part of the deal. Post this round of funding, CoreStack's total funding rose to $13 million, which the company will use to expand its sales and marketing efforts as well as accelerate product development.
"CoreStack's offering is well-timed with the rapidly increasing demand for enterprise cloud governance," said Puskoor, Managing Director of Naya Ventures. "We believe enterprises will continue to ensure that their increasing investment in multiple clouds is protected with strong governance. The company has made impressive strides in the marketplace, and we are excited to partner with CoreStack in their journey as they continue building a great company."
The Series A funding came after a record year of growth recorded by CoreStack, which is rapidly expanded its roster of enterprise clients across the U.S, Europe, and India. It has also expanded its key executive appointments and significant market traction with companies adopting CoreStack as the Governance landing zone for large scale cloud adoption.
"As enterprises rapidly embrace the cloud as a part of their digital transformation initiatives, there is an increasing need for continuous and autonomous governance across compliance, security, operations, cost and consumption," said Ezhilarasan Natarajan, CEO of CoreStack. "We're at the cutting edge of this innovation, as has been substantiated by recent recognitions by Gartner, but we fully recognize we can't do this alone. The financial partnership and enterprise expertise of Naya Ventures as well as the continued support of Z5 Capital and other investors will immensely help to accelerate the execution of our vision. We're beyond thrilled and I join the entire CoreStack team in warmly welcoming Naya Ventures on board," he added.
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