Netskope's explosive growth is reflective of enterprises' rapid adoption of its cloud-driven security architecture to reach their digital transformation goals and upgrade their legacy and on-premises security solutions.
FREMONT, CA: Cloud Security firm Netskope raised USD 340 million in a new funding round led by new investors Sequoia Capital Global Equities. The series was participated by new investors Canada Pension Plan Investment Board and PSP Investments participated, along with existing investors Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital, and Social Capital. The newly raised investment takes the company's valuation to USD 3 billion.
"When we started Netskope in 2012, it was clear that the cloud was changing everything, but few saw how it would disrupt security," said Sanjay Beri, CEO of Netskope. The additional investment by the world's leading enterprise investor is indicative of the global demand for award-winning Netskope Security Cloud Platform, which is fast becoming the new standard for network and data security. The company recorded an 80 percent year over year growth in enterprise customers, making it the fastest-growing company at scale in rapidly developing areas of cybersecurity like secure access server edge (SASE) and cloud security.
"Since inception, we have always focused on architecting a true cloud platform that, over time, will secure and govern all of an enterprise's traffic as the perimeter evolves into a new high-performance worldwide cloud edge. This latest investment from the top enterprise and security investors in the world is proof of not only our enormous success in establishing Netskope as the new gold standard for cloud-delivered security but also that the astounding level of global demand we're seeing today is just the tip of the iceberg," Beri added. Netskope's explosive growth is reflective of enterprises' rapid adoption of its cloud-driven security architecture to reach their digital transformation goals and upgrade their legacy and on-premises security solutions.
The company's security cloud platform provides unrivaled visibility and real-time data and threat protection when accessing cloud services, websites, and separate apps from anywhere, on any device. Besides, no other company has addressed shifting market demands by combining next-generation secure web gateway (SWG) capabilities, zero trust secure access, advanced machine learning to detect unauthorized data exfiltration, and superior threat protection to prevent cloud-based attacks that often evade legacy defenses.
"Netskope has become the unrivaled leader driving innovation across cloud, data, and network security, which makes up the largest part of today's security market," said Patrick Fu, managing partner at Sequoia Capital Global Equities. "Netskope is raising the bar for game-changers who are successfully pushing beyond the limitations of existing technology to reshape a market. Sanjay and the entire Netskope team are on an incredible trajectory, and we are thrilled to partner with this talented team for the long term."
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