Cloud security firm CipherCloud today announced that it has closed a massive $50 million round of funding led by Transamerica Ventures.
According to the company, the new funds will be used to fuel its go-to-market activities, support international growth in Europe and Asia Pacific, drive the enterprise adoption of CipherCloud’s cloud security platform, and support product development.
CipherCloud’s platform provides cloud application discovery and risk assessment, data protection, searchable strong encryption, tokenization, data loss prevention, key management and malware detection, and user activity and anomaly monitoring services.
Founded in 2010, CipherCloud now has more than 3 million of business users, across 11 different industries. The CipherCloud product portfolio protects popular cloud applications out-of-the-box such as Salesforce.Com, Gmail, Box, Microsoft Office 365, Amazon Web Services, and ServiceNow.
“We began our cloud security journey in 2010 by solving the cryptographer’s dilemma – enabling the breakthrough of searchable strong encryption while preserving the operations of cloud applications,” said Pravin Kothari, founder and CEO, CipherCloud.
“We are thrilled to have five of the top 10 US banks, top healthcare providers, the largest pharmaceutical companies, global telecommunications companies, as well as some of the largest government agencies in the world as customers. This new financing will help us grow even more rapidly and further dominate the market,” Kothari said.
This past summer, CipherCloud acquired software-as-a-service security provider CloudUp Networks in a deal meant to bolster the company’s data protection capabilities.
Other investors participating in the funding round include Delta Partners, and existing investors Andreessen Horowitz, which pumped $30 million into the company in late 2012, and T-Venture, the venture capital arm of Deutsche Telekom.