“Netskope is pointing the way to where cloud, networking, security, and data protection are headed long-term.” “The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment,” ICONIQ Growth Founding Partner Will Griffith said in a statement. Like Netskope, Tanium has raised more than $1 billion and has been a rumored initial public offering (IPO) candidate for years. The company in February 2020 closed a $340 million Series G funding round led by Sequoia Capital Global Equities on a $2.8 billion valuation, meaning that Netskope’s market cap has increased by nearly 170 percent over the past 17 months.įriday’s funding round propelled the company’s valuation past fellow security upstarts Rubrik, Snyk and OneTrust, making Netskope the world’s second most-valuable venture-backed cybersecurity vendor, behind only Kirkland, Wash.-based Tanium, which is worth more than $9 billion. The company was founded in 2012, employs 1,392 people, and has now raised $1.04 billion in eight rounds of outside funding, according to LinkedIn and Crunchbase. Netskope executives weren’t immediately available for additional comment. “We were SASE before the term SASE existed, and today we are seeing our vision manifest across the globe as enterprises increasingly turn to Netskope to enable secure digital transformation.” “We started Netskope because we saw a cloud-centric, digital-first future of business that simply can’t be achieved using legacy approaches to security and networking,” Netskope CEO Sanjay Beri said in a statement. The $300 million investment was led by ICONIQ Growth, which also spearheaded the company’s $75 million Series D funding round in September 2015. The Santa Clara, Calif.-based cloud security vendor said it plans to use the Series H investment to aggressively expand both its platform and go-to-market to meet the strong demand for its Secure Access Service Edge (SASE) architecture. “An IPO is definitely a possible milestone in the journey, but it’s certainly not limited to that and we’re not in a rush and have no capital needs, so we’re not commenting on timing.Netskope has become the second most-valuable venture-backed cybersecurity company in the world, raising $300 million on a $7.5 billion valuation to drive further SASE adoption. The next natural step for a company at this stage of maturity would be to look to become a public company, but Beri wasn’t ready to commit to that just yet. That’s a big leap in just two years, but it reports 80% year-over-year growth, and claims to be “the fastest-growing company at scale in the fastest-growing areas of cybersecurity: secure access server edge (SASE) and cloud security,” according to Beri. Today, it announced it has almost tripled that number, with a valuation close to $3 billion. When Netskope announced its $168.7 million round at the end of 2018, the company had a valuation over $1 billion at that time. Today’s urgent requirement is security that is fast, delivered from the cloud, and provides real-time protection against network and data threats when cloud services, websites, and private apps are being accessed from anywhere, anytime, on any device,” he explained. “Legacy products based on traditional notions of perimeter security have gone obsolete and inhibit the needs of digital businesses. “We did not necessarily need this level of capital but having a large balance sheet and a legendary set of investors like Sequoia, Lightspeed and Accel putting all their chips behind Netskope for the long term to dominate the largest market in security is a very strong signal to the industry,” Beri said.įrom the start, Netskope has taken aim at cloud and mobile security, eschewing the traditional perimeter security that was still popular when the company launched in 2012. Today’s investment brings the total raised to more than $740 million, according to Crunchbase data.Īs with so many large rounds recently, CEO Sanjay Beri said the company wasn’t necessarily looking for more capital, but when brand name investors came knocking, they decided to act. Sequoia Capital Global Equities led the round, but in a round this large, there were a bunch of other participating firms, including new investors Canada Pension Plan Investment Board and PSP Investments, along with existing investors Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital. Today the company announced a $340 million investment on a valuation of nearly $3 billion. Netskope has always focused its particular flavor of security on the cloud, and as more workloads have moved there, it has certainly worked in its favor.
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