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Security Startup Netskope Raises $100 Million

June 6, 2017, 11:00 AM UTC

Netskope, a security startup based in Los Altos, Calif., said it raised $100 million in funding on Tuesday.

Netskope is what’s known as a “cloud access security broker,” meaning that it acts as a gatekeeper between businesses and cloud-based apps like Salesforce (CRM) and Box (BOX), and helps to protect data shared between the two. Rivals include Palo Alto Networks (PANW), Skyhigh Networks, and Symantec (SYMC), which acquired a leading player, Blue Coat, for $4.65 billion last year.

The venture capital firms Accel Partners and Lightspeed Venture Partners, led the latest one, Netskope’s fifth or “series E.” Other participants in the round include new investors Sapphire Ventures and Geodesic Capital along with existing investors Social Capital and Iconiq Capital.

The company did not disclose it’s valuation.

“Every single customer and industry is being turned upside-down because of the cloud,” Netskope CEO Sanjay Beri said. “Many of the incumbents are being caught with their pants down.”

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Netskope’s technology allows businesses to “put guardrails” up around cloud services, Beri said. It lets businesses see which apps employees are using and where sensitive or personal information is being uploaded while giving companies the option to restrict people’s access and to apply certain data protections like encryption.

Founded in 2012, Netskope has more than 400 customers, including Nuna, a health care tech startup; Oak Hill Advisors, an investment firm; and Genomic Health, a biotech company. Customers send their traffic through Netskope’s infrastructure, housed in private data centers around the world, to monitor.

This year Netskope plans to debut a service that protects customers using not only work-related apps and social media, but across the web. The company is extending its reach, for instance, to cover news websites and blogs that may host malicious content capable of infecting visitors’ devices.

“This round allows us to be financially independent so we can chart our own course,” said Beri, an alum of Juniper Networks (JNPR). Not yet profitable, Netskope grew its revenue and customer-base threefold in the past year, Beri said, and it is focused on stealing market share away from traditional security companies.

To date Netskope has raised $231.4 million, last landing $75 million in September 2015. The company has 336 employees.