Other cybersecurity challengers in the space include Blue Coat, which was bought in 2016 by Symantec, maker of the Norton anti-virus software, and another anti-virus pioneer, McAfee, which bought Skyhigh Networks last year. Once in use by an IT department, Netskope oversees all network activity, including web pages and apps used, and helps to identify bad practices. Layered on top is a plethora of apps that they might have downloaded themselves, alongside those issued by the company. “As a result, enterprises are in need of a new approach as legacy security solutions were designed for a world where data and applications were placed in centralized data centers and IT teams were responsible for application selection and deployment.” Growth in Bad Practice SurveillanceĮmployees often use a range of different equipment at work, from company-issued devices to hardware of their own. “This has significantly increased the attack surface of all enterprises, leaving security teams without the means to protect these new threat vectors,” said Netskope in a statement. The digital-first passage has shifted administrative control away from information technology departments, leaving them potentially open to attack.
The six-year-old company provides a platform to assist companies in managing risks posed by employees using a variety of devices and apps in the workplace.Īccording to Netskope, as the majority of enterprises adopt a digital-first mindset, businesses have turned to the many web-based services on offer, like Google’s G-suite, Dropbox, Slack and Amazon Web Services. The latest funding round values it at more than $1 billion, pushing it into the unicorn club stable. Data Intelligence Amplified.Cybersecurity company Netskope, a provider of cloud-based defenses for businesses, has raised $168.7 million in a new round of venture capital funding. “Going public is one day on our path, but you probably won’t see us raise another private round,” Beri said. Beri admits that Netskope could be public now, though it doesn’t have to do it for the traditional reasons of raising capital or marketing. With the company racking up that kind of capital, the next natural step would be to become a public company. Today’s investment brings the total raised by Santa Clara-based Netskope to just over $1 billion, according to Crunchbase data.
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. “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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