Netskope, a player in the cloud access security broker (CASB) market, announced on Tuesday that it has raised $100 million through an oversubscribed Series E funding round.
The investment brings the total raised by the Los Altos, California-based company to $231.4 million.
According to the company, the investment will fuel the advancement and go-to-market of its enterprise cloud security platform, which helps companies manage the security challenges introduced through the adoption of cloud services.
“When we founded Netskope, we knew that the far-reaching impact of the cloud would require a fundamentally new approach to security. We started with CASB and now we’re expanding our cloud security platform to take on additional challenges,” Sanjay Beri, founder and CEO of Netskope, said in a statement.
Since the company launched in October 2013 it has grown its global employee headcount to more than 350.
The Series E round was led by existing investors Lightspeed Venture Partners and Accel. Previous investors Social Capital and Iconiq Capital also participated in the round, aling with new investors Sapphire Ventures and Geodesic Capital, the company said.
CASBs, which provide security and visibility for companies moving to the cloud, have experienced rapid growth, with several players in the space being acquired by larger enterprise technology firms.
In June 2016, Cisco announced its intention to acquire CloudLock, a privately held cloud CASB based in Waltham, Massachusetts for $293 million in cash and assumed equity awards. In 2015, Microsoft bought Adallom and turned it into its Cloud App Security service launched in April 2016. In 2014 Imperva bought Skyfence; in 2015, Palo Alto Networks bought CirroSecure; and in November 2015 Blue Coat (since acquired by Symantec) bought Elastica. In September 2016, Oracle acquired Palerra for an undisclosed amound. In February 2017, Forcepoint acquired Skyfence from Imperva.