Skyhigh Networks, a cloud access security broker (CASB), has secured a USD40 million Series D financing round, bringing the company’s total capital raised to USD105.5 million.
Thomvest Ventures led the round, with participation from Sequoia Capital and Greylock Partners.
In conjunction with the financing, Umesh Padval, venture partner at Thomvest, has joined the Skyhigh Networks board of directors.
The latest round of funding comes with an increase in the valuation of the company from the last round. Skyhigh plans to use the funding to accelerate its go-to-market investments and extend its leadership in the rapidly growing cloud security market with its CASB solution.
“We are thrilled to have raised an up round from Thomvest, Greylock, and Sequoia, particularly in the current environment,” says Rajiv Gupta, co-founder and CEO, Skyhigh Networks. “It is a testament to the incredible work of our employees and will enable us to accelerate our growth and carry us to profitability. We are delighted to have Umesh Padval from Thomvest join our board of directors as we capitalise on the market opportunity to be the control point for the cloud.”
“As the massive migration to cloud accelerates, security has become a major pain point for enterprise CISOs,” says Padval. “The market for cloud security is directly tied to the demand for SaaS, PaaS, and IaaS, collectively projected to grow to USD141 billion in 2019. We recognise in Skyhigh the rare combination of a massive market opportunity, technical product leadership, enviable list of customers, visionary management, and a world-class team. Skyhigh helped pioneer the CASB market, and we look forward to working with their team as they continue to innovate and lead this space.”
The adoption of a central control point to protect confidential data stored in thousands of cloud services is a necessary evolution of the security market – from network security to end point security to cloud security. Analysts call the CASB category one of the fastest growing security markets ever.
