|[September 25, 2016]
Skyhigh Networks Secures $40 Million in Series D Funding to Further Extend Its Leadership in the Rapidly Growing Cloud Security Market
Networks, the leading Cloud Access Security Broker (CASB), today
announced a $40 million Series D financing round, bringing the company's
total capital raised to $105.5 million. Thomvest Ventures led the round,
with participation from Sequoia Capital (News - Alert) and Greylock Partners. In
conjunction with the financing, Umesh Padval, Venture Partner at
Thomvest, has joined the Skyhigh Networks Board of Directors.
This latest round of funding, which comes with an increase in valuation
of the company from the last round, will lead the company through to
profitability. Skyhigh 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.
"We are thrilled to have raised an up round from Thomvest, Greylock, and
Sequoia, particularly in the current environment," said Rajiv Gupta,
co-founder and CEO, Skyhigh Networks. "It is a testament to the
incredible work of our employees and will enable us to accelerate our
growth and carry us to profitability. We are delighted to have Umesh
Padval from Thomvest join our Board of Directors as we capitalize on the
market opportunity to be the control point for the cloud."
"As the massive migration to cloud accelerates, security has become a
major pain point for enterprise CISOs," said Padval. "The market for
cloud security is directly tied to the demand for SaaS (News - Alert), PaaS, and IaaS,
collectively projected to grow to $141 billion in 2019. We recognize 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 adoption of a central control point to protect confidential data
stored in thousands of cloud services is a necessary evolution of the
security market - from network security to end point security to cloud
security. Analysts call the cloud access security broker (CASB) category
one of the fastest growing security markets ever.
Gartner (News - Alert) recommends, "Security leaders should deploy CASB for the
centralized control of multiple services that would otherwise require
individual management" in its Market Guide for Cloud Access Security
Brokers, Craig Lawson, Neil MacDonald, Brian Lowans, October 22, 2015.
Gartner included CASB as a top security technology for 2016, and
preicted that the largest wave of CASB adoption will occur in the next
few years, "By 2020, 85% of large enterprises will use a cloud access
security broker product for their cloud services, which is up from fewer
than 5% in 2015" in its report, How to Evaluate and Operate a Cloud
Access Security Broker, Neil MacDonald, Craig Lawson, December 8, 2015.
Launched in February 2013, Skyhigh's achievements include:
Market leadership: 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.
Skyhigh was recently named to the Cloud
100, Forbes' list of the top private cloud computing companies in
the world, and received the Box
Trust Partner of the Year Award.
Product innovation: Skyhigh offered the first
pure-play CASB solution with its launch and provides the broadest
platform today with 12 functional blades (e.g. encryption, data loss
prevention, user behavior analytics, contextual access control, etc.).
Skyhigh provides comprehensive functional coverage for shadow and
sanctioned cloud applications, with support for all deployment modes -
reverse-proxy, forward-proxy, and API.
Technology leadership: Skyhigh has earned three key CASB
patents, including one for mobile-to-cloud
security without an agent or VPN and one for cloud-based
encryption with customer-managed keys. Skyhigh is the only CASB to
compliant and it also is the only CASB to receive the stringent ISO
Visit the Skyhigh
Networks blog to read more about the funding announcement from
CEO and co-founder, Rajiv Gupta.
Skyhigh Networks, the cloud security and enablement
company, allows enterprises to safely adopt cloud services while meeting
their security, compliance, and governance requirements. Over 600
enterprises including Aetna, DIRECTV, General Mills, HP, and Western
Union use Skyhigh to gain visibility, manage threats, ensure compliance
and protect corporate data across shadow and sanctioned cloud services.
Headquartered in Campbell, Calif., Skyhigh
Networks is backed by Greylock Partners, Sequoia, Thomvest and other
View source version on businesswire.com: http://www.businesswire.com/news/home/20160925005047/en/
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