Bitglass, which provides cloud security and data protection services to enterprises, has secured $70m in its Series D round of funding.
The equity round was supported by previous Bitglass investors Future Fund, New Enterprise Associates (NEA), Norwest and Singtel Innov8. First-time Bitglass backer Quadrille Capital also committed to the Series D.
With this burst of capital, the company will look to further its growth and bolster its position within the cloud access security broker market.
Founded in 2013, the company provides zero-day data and threat protection for any app, device or platform, it claims. Through its technology, companies can control the flow of sensitive data in and out of the cloud in real-time and ensure security and compliance requirements are met, with cloud encryption and search tools.
For unmanaged apps, Bitglass can detect and rate risk levels and identify any potential data lead paths in any app. Finally, the company offers mobile security to ensure businesses can maintain strict online security from any type of device.
Its technology is used in the financial services, manufacturing, healthcare, education and government industries.
Financial services leverage Bitglass to meet security and compliance requirements when using cloud apps. In addition to this, the RegTech company converts any cloud app into a’read-only’ app which lets organisations safely enable communication apps with customers.
Bitglass CEO Nat Kausik said, “Cloud adoption is disruptive of incumbents securing networks, servers and other infrastructure. Our Next-Gen CASB uniquely secures against data leakage and threats without installing more hardware and software.”
Last year, New Enterprise Associate led the $95m funding round of data-as-a-service platform Enigma. The RegTech company connects internal and external data to surface insights that inform business decisions, solve problems and unlock new opportunities.
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Copyright © 2018 RegTech Analyst