Netskope, a cloud security startup that helps companies secure their cloud-stored data, today announced funding of $100 million in a round co-led by Lightspeed Venture Partners and Accel. Existing investors Social Capital and Iconiq Capital also participated in the round, as did new investors Sapphire Ventures and Geodesic Capital.
“A third of all business data has moved to the cloud, which has created a huge compliance gap,” wrote Netskope cofounder and CEO Sanjay Beri, in an email to VentureBeat. “In our data alone, we see that nearly 50 percent of all uploads to cloud violate data loss prevention policies set by our customers.”
Another layer of threats Beri described are what he calls “blended threats” — malware attacks that infiltrate organizations through a combination of both web and cloud services. “They’re more difficult to locate, as activity bounces between different gateways, which have traditionally been monitored by different, siloed solutions,” he wrote. He refers more specifically to the increased popularity of discussion forums and sharing capabilities, which have created another channel through which data can be exfiltrated.
Netskope acts as a cloud access security broker (CASB), offering a subscription-based model that helps companies better secure their cloud-stored data. The Los Altos, Calif.-based startup charges companies between $12 and $20 per user, per month on an annual basis, depending on use and functionality.
Beri claims to sell Netskope’s services to more than 400 companies, including Nuna Health, Oak Hill Advisors, Genomic Health, and Dana Foundation.
Netskope has raised a total of $231.4 million to date and will use the new capital to fuel research and development (R&D) and increase sales and marketing. “This funding will allow us to achieve financial independence,” wrote Beri.
Founded in 2012, Netskope currently has 350 employees.
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