Similar to other rounds, the company was not actively seeking new capital, but that it was “an inside round with people who know everything about us,” Beri said. Prior to that, it was a $168.7 million round at the end of 2018. With this new round, Netskope continues to rack up large rounds: it raised $340 million last February, which gave it a valuation of nearly $3 billion. “The theory is that digital transformation is inevitable, so our vision is to transform that market so people could do that, and that is what we are building nearly a decade later.” “What we had before in the market didn’t work for that world,” he said.
Netskope co-founder and CEO Sanjay Beri told TechCrunch that since its founding in 2012, the company’s mission has been to guide companies through their digital transformation by finding what is most valuable to them - sensitive data - and protecting it. The oversubscribed insider investment was led by ICONIQ Growth, which was joined by other existing investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital. The large round of funding shows investor confidence in its business model and architecture, and should help other companies follow its lead.Netskope, focused on Secure Access Service Edge architecture, announced Friday a $300 million investment round on a post-money valuation of $7.5 billion. Netskope’s NewEdge is just one of a number of security and network service companies using edge computing deployment architectures to better address performance and security needs as compared to traditional centralized data center deployment models. The melding of network access and enterprise application brings it the market for Zero Trust solutions where it faces competition against network service providers like CenturyLink, AT&T, and Verizon as well as CDN/cloud-based security services providers like Cloudflare and Akamai, and SD-WAN providers like Aryaka, Cato Networks, and Fortinet to name a few of the potential competitors.
NewEdge enables Netskope to move beyond its CASB roots into secure network access services with the recently introduced Private Access service. This aggregation edge architecture (which the company calls NewEdge) is similar to that of a content delivery network provider, for instance, except that instead of using the platform to send content (files, videos, and web objects) to users, the platform is a “broker” that sits proximate to the user and inspects requests to see if they fit into approved policies. The company outlined a deployment of 50 POPs (points of presence) and interconnection of its network with cloud providers at key network access points. Of interest to the edge computing question, Netskope last year detailed the compute and network platform it has built to support its offerings.
Cloud netskope iconiq growth software#
Netskope does the heavy lifting of installing and running its software in many data centers around the globe as a way to mitigate performance and scale issues with the appliance-based model of security services. However, in a world where both the cloud applications and users are dispersed geographically, that deployment model no longer makes sense. It is typically characterized as a provider of Cloud Access Security Broker (CASB), which provides enterprises the ability to monitor and enforce policies for access to cloud services like Box, Office 365, Google G Suite, and AWS-based applications.Ī traditional appliance-based model for security would mean an enterprise customer would deploy an appliance in the data centers where the applications are hosted. The company’s offerings were designed as a cloud-first security provider. Netskope is a not a traditional appliance-based security provider selling more boxes to protect company data and applications. With their complementary product lines, the companies are building on Netskope’s security cloud while giving customers the ability to further encrypt or tokenize data.
Eperi’s gateway encrypts information before it is transferred to the cloud. Last week, Netskope announced a partnership with German cloud data protection gateway vendor eperi. With the latest round, the company has raised a total of $740m, a hefty amount by any measure.
Cloud netskope iconiq growth series#
Netskope was valued at $1 billion after the series F funding.
Lightspeed lead the previous round, closed in Nov. They included Lightspeed Venture Partners, Accel, Base Partners, Sapphire Ventures, Social Capital, Geodesic Capital and Iconiq Capital. Prior investors contributed to the latest round, too. Money being the best endorsement, Netskope can now point to legendary Silicon Valley venture firm Sequoia (a new investor in the firm), which has stepped up for Apple Computer Inc., LinkedIn, Nvidia, Oracle Corp. In fact, it could be argued that a round this big was done more for marketing. Company executives have no specific plan for the series G money, according to a report in TechCrunch.
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