IT security start-up Netskope have raised USD 168.7 million in the series-F round of funding from the likes of Accel, Geodesic Partners, Iconiq Capital and new partners Social Capital and Base Partners. This investment seeks to tackle some of the toughest security challenges faced by enterprises when it comes to overhauling legacy IT environments.
According to Netskope, enterprises deploying the cloud or on-prem environments are at a constant risk as a result of growing cyber threats. They say that in order to counter these challenges, enterprises globally are transforming themselves into a modern-day IT powerhouse equipped with digital tools and know-how.
By raising USD 168.7 million, Netskope believe that they will help enterprises adopt a digital-first mindset and help them accelerate their business operations with cost-effective and on-demand customer services. They say that Netskope’s cloud security solutions will provide businesses with a much-needed peace of mind by leveraging tools that help manage risks, protect data and eradicate threats.
Sanjay Beri, CEO at Netscape believes that global security is a vital component of digital transformation. He also claims that with this massive investment, they plan to match the IT strategies of various enterprises and help them transform into a digital-savvy organization with much ease.
Netskope say that the total amount they have raised through a series of funding rounds touched USD 400 million, including the current one. They also believe that more investments in the cloud security and digital transformation industry are imminent as a result of changing attitudes of buyers and enterprise decision makers.
Industry analysts believe that accelerating enterprise global security is no longer a nice-to-have but a pre-requisite to digital transformation.
Arif Janmohammed, Partner at Lightspeed Venture Partners claims that organizations like AppDynamics, MuleSoft, Nutanix, and Netskope reliably drive the market and are disrupting markets globally by understanding the needs and requirements of customers. He further adds that as a result of this change, these enterprises also need to be on their toes to offer products and solutions to the market in an interesting manner.