{"id":342862,"date":"2017-06-06T19:19:59","date_gmt":"2017-06-06T11:19:59","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1500175"},"modified":"2017-06-06T19:19:59","modified_gmt":"2017-06-06T11:19:59","slug":"cloud-security-broker-netskope-raises-100m-more-led-by-lightspeed-and-accel","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/cloud-security-broker-netskope-raises-100m-more-led-by-lightspeed-and-accel\/","title":{"rendered":"Cloud security broker Netskope raises $100m more led by Lightspeed and Accel"},"content":{"rendered":"

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As enterprises continue to move more of their computing to the cloud, and across an ever-expanding range of devices from computers to phones and tablets and more, hackers continue to find ways to break into those systems \u2014 resulting an unprecedented number of breaches globally. Now, one of the more prominent security startups has raised a significant round of funding to help tackle this issue head-on. Netskope<\/a> \u2014 a cloud-access security broker that has developed a platform to monitor a company\u2019s disparate apps and devices, and set security policies to identify and prevent breaches \u2014 has raised $100 million in new funding.<\/p>\n

The Series E was\u00a0led by previous investors Lightspeed Venture Partners and Accel Partners, with Social Capital and Iconiq Capital also participating. The round also includes two new backers, Sapphire Ventures and Geodesic Capital.\u00a0<\/span><\/p>\n

Netskope is not revealing its valuation in this round, but Sanjay Beri, its founder and CEO, said in an interview the other day that \u201cit\u2019s a significant upround\u201d that the company will use to continue building out its team and customer base. He also said it\u2019s likely to be its final venture funding round.<\/span><\/p>\n

\u201cWe may never need to raise per se again,\u201d he said. \u201cN<\/span>etskope has been clear since the beginning that our goal is to build a standalone, iconic security company and our plan is to remain standalone and on the IPO path.\u201d\u00a0<\/span>For what it\u2019s worth, one site that tracks venture funding in startups estimates that its pre-money valuation was around $938 million<\/a>. It brings the total raised to date by Netskope to $231.4 million.<\/span><\/p>\n

We first wrote about Netskope back in 2013<\/a>, when the company was just coming out of stealth with some $21 million in funding. At the time, many enterprises were already making the move to cloud services and apps, although it was still relatively early in that trend.<\/p>\n

Fast forward to today, and the the use of apps and multiple devices and access points, often outside of physical offices, is commonplace at many businesses, and this has had a knock-on affect at Netskope.<\/p>\n

Beri said the company processes tens of billions of cloud transactions per day from its customers, which includes the likes of Toyota, Nvidia, Levi\u2019s and Intercontinental Hotels, New York Life and a number of health organizations \u2014 \u201cmore than any other company in the world\u201d. That processing has highlighted some scary numbers: for example 26.5 percent of all malware files are shared by employees in the cloud. \u201cIn other words, one quarter of files infected are exposed and shared.\u201d<\/span><\/p>\n

\u201cWhen you look at the cloud and the use of newer features like software as a service, platforms as a service, and the influx of apps based around the principles of social media, these have disrupted all the markets in the world, and that has disrupted the security market,\u201d he continued. \u201cS<\/span>ecurity has become one of the top topics businesses have to think about when they consider mobile and cloud and remote working. Security officers realise that they can\u2019t use their old systems. T<\/span>he old way doesn\u2019t work for the cloud.\u201d The old way includes incumbents like Symantec, which Beri considers a key competitor.<\/p>\n

The key behind Netskope\u2019s platform is that it\u2019s based around the principle of \u201cprivacy by design\u201d, Beri noted, meaning that it\u2019s not necessarily crawling everything that is passing through a network, but is rather based around policies created by the company: for example keywords and actions that might relate to health records and personal information, and how and where that data might be shared. The company allows IT teams to track and identify activity across specific apps and devices \u2014 technology that has been secured so far with around 100 or so patents, the company says.<\/p>\n

Netskope is not yet profitable, nor is it revealing revenues, but he said that the company has grown three-fold in the last year \u201cin every metric you can think of,\u201d including revenue.<\/p>\n

The company\u2019s growth and the market opportunity is what has also attracted this latest round of funding and the continued interest of its existing investors.<\/p>\n

\u00a0<\/span>\u201cThe cloud has precipitated a tectonic shift in the enterprise that has led to broader implications for computing and security,\u201d said Arif Janmohamed, Partner at Lightspeed Venture Partners, in a statement. \u201cSince 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.\u201d<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Featured Image: Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

\"Digital As enterprises continue to move more of their computing to the cloud, and across an ever-expanding range of devices from computers to phones and tablets and more, hackers continue to find ways to break into those systems — resulting an unprecedented number of breaches globally. Now, one of the more prominent security startups has raised a significant round of funding to help tackle… Read More<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

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