![]() ![]() In recent months, Netskope debuted the industry’s first accreditation course intended to address design requirements for training on and delivering SASE requirements. ![]() The company’s SASE approach also includes a private cloud providing fast and secure access from any location to data, applications, and websites. Netskope was initially focused on cloud access security broker (CASB) technology, and in recent years has expanded into the secure web gateway (SWG) and zero trust network access (ZTNA) spaces with the three capabilities integrated into a single platform. “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. We are fortunate to be in that situation, and our destination is to be the most impactful cybersecurity company in the world.īeri said the company just completed a “three-year journey building the largest cloud network that is 15 milliseconds from anyone in the world,” and intends to invest the new funds into continued R&D, expanding its platform and Netskope’s go-to-market strategy to meet demand for a market it estimated would be valued at $30 billion by 2024, he said.Įven pre-pandemic the company had strong hypergrowth over the past year, surpassing the market average annual growth of 50%, he added.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. “However, having a continued strong balance sheet isn’t a bad thing. “The reality is we could have raised $1 billion, but we don’t need more capital,” he added. 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. Netskope, focused on Secure Access Service Edge architecture, announced Friday a $300 million investment round on a post-money valuation of $7.5 billion.
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