Technology

Netskope raises $401M for platform development and go-to-market activities

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Cloud security startup Netskope Inc. has raised $401 million in new funding through convertible notes to extend its technology and platform advantages and market reach through continued platform development and expansion of strategic go-to-market activities.

Morgan Stanley Tactical Value led the convertible note raise, with Goldman Sachs Asset Management, Ontario Teachers’ Pension Plan and CPP Investments also participating.

Founded in 2012, Netskope offers a Secure Access Service Edge platform that provides discovery, deep visibility and granular control of sanctioned and unsanctioned cloud apps. The company’s “Intelligent Security Service Edge” offers a converged, cloud-based service designed to transform security at the perimeter, helping companies stay ahead of cloud, data and network security challenges.

Netskope’s SASE platform includes Borderless SD-WAN technology, which, combined with SSE is said to be crucial in providing optimized access and zero trust-based security in the modern networking and security technology stack. The stack includes the move to hybrid and remote work that introduces new risks to enterprises large and small.

“Our vision from day one was that traditional network and security perimeters would transform, with users, data and devices moving outside the confines of corporate network perimeters and requiring a new approach to security,” Netskope Chief Executive Officer and co-founder Sanjay Beri said in a statement. “We have enabled enterprises everywhere to allow their users to be mobile, efficient and flexible while securing them and the data and applications they access, whether they are in the cloud, on the web, or are private applications on-prem and beyond.”

In the last 12 months, Netskope has added over 2,400 new customers, including over 25 of the Fortune 100, across verticals including financial services, healthcare, retail, telecommunications, manufacturing, government and high tech. The company has regularly released new products covering endpoint data loss prevention, cloud firewall and zero trust, and acquired WootCloud Inc. and Infiot Inc. to enhance its technology base.

Netskope has also added and enhanced go-to-market partnerships with cloud platforms, service providers and system integrator brands, including Orange S.A., Deloitte Touche Tohmatsu Ltd., Telefonica S.A., Koninklijke KPN N.V., Amazon Web Services Inc., Google Cloud, CrowdStrike Hodlings Inc., Mimecast Inc. and Okta Inc.

Including the new funding, Netskope has raised an estimated $1.4 billion to date, based on data from Crunchbase, including rounds of $300 million in July 2021 and $100 million in June 2017. Previous investors include Axevil Capital, Lightspeed Venture Partners, Accel, Sequoia Capital and ICONIQ Growth.

Image: Netskope

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