Skyhigh Networks, which enables enterprises to adopt cloud services while meeting their security, compliance, and governance requirements, has closed a $40m Series D round.
The fundraising, which brings the company’s total capital raised to $105.5m, was led by Thomvest Ventures and included participation from Sequoia Capital and Greylock Partners. It 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 Cloud Access Security Broker (CASB) solution.
Headquartered in Campbell, California, Skyhigh serves 600 enterprise customers across 30 million end users. These customers include some of the largest and most innovative companies in the world across every vertical, including 40 percent of the Fortune 500. They use Skyhigh to gain visibility, manage threats, ensure compliance and protect corporate data across shadow and sanctioned cloud services. Skyhigh has demonstration its innovation by being the only CASB to be FedRAMP compliant.
As part of the latest fundraising, Umesh Padval, venture partner at Thomvest, has joined the Skyhigh Networks board of directors.
He said: “As the massive migration to cloud accelerates, security has become a major pain point for enterprise CISOs. The market for cloud security is directly tied to the demand for SaaS, PaaS, and IaaS, collectively projected to grow to $141bn 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 first half of the year has seen more than $341m invested across the global RegTech industry according to data by FinTech Global. Despite the amount invested across Q1 2016 and Q2 2016 being significantly more than the $296.26m invested in H1 2015, the first half of year is still short hitting 50 per cent of the total for the whole of 2015. Last year there was more than $742m spread across the sector.
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