Skyhigh Networks Secures $40 Million in Series C Financing
Existing Investors Greylock Partners and Sequoia Lead the Round; Funding Will Help Skyhigh Meet The Growing Demand for Cloud Security
CUPERTINO, Calif., June 23, 2014-- Skyhigh Networks, the Cloud Visibility and Enablement Company, today announced that it has raised $40 million in Series C financing. Greylock Partners and Sequoia led the round, with participation from salesforce.com. The round brings the company’s total capital raised to $66.5 million and will support its aggressive growth strategy. Skyhigh plans to use the investment to further extend its lead in the rapidly growing cloud security market, accelerate the company’s expansion into international markets, and drive greater product innovation around Skyhigh’s Discover, Analyze and Secure solutions.
“At Skyhigh we are laser-focused on helping CIOs and CISOs enable the adoption of cloud services that empower employees and drive productivity and business innovation while addressing their security, compliance, and governance requirements,” said Rajiv Gupta, CEO of Skyhigh Networks. “With this funding we will expand sales and double down on product innovation to continue to deliver the industry’s most comprehensive, effective, and easy-to-consume cloud security offering.”
This funding announcement marks yet another milestone for Skyhigh Networks since its launch in February 2013. Company milestones include:
•Enterprise customer traction: As the recognized leader in the cloud access security broker market, Skyhigh is enabling over 200 enterprises across every industry vertical to securely adopt cloud services. These enterprises are using Skyhigh to consistently enforce their security, compliance, and governance policies on cloud services whether they are accessed from their corporate network or off-network.
•Product leadership and innovation: Skyhigh is the only company that supports the entire cloud adoption lifecycle, providing unparalleled visibility and risk assessment, usage and threat analytics, and policy-based access control and data security. Skyhigh delivers these capabilities without any friction to the cloud service provider or to the user (no agent, no VPN) and in a manner that is respectful of the privacy of the user.
•Adoption of Skyhigh CloudTrust™ program: The Skyhigh CloudTrust program helps enterprises lower risk and streamline the evaluation process by providing an objective and comprehensive assessment of the security controls and enterprise-readiness of more than 6,000 cloud services. Since its formal launch in January 2014, more than 60 cloud services that are rated Skyhigh Enterprise-Ready™, have joined the Skyhigh CloudTrust Program.
•Market opportunity and potential: In May 2013, Sequoia and Greylock Partners participated in Skyhigh’s $20 million Series B round. In a departure from convention, these existing investors are co-leading Skyhigh’s $40 million Series C round with participation from salesforce.com, validating Skyhigh’s unparalleled customer traction and massive market potential.
“As employees across the globe embrace the cloud, organizations have become increasingly hungry for a service that provides comprehensive visibility and control. Skyhigh Networks is the clear market leader in cloud security due to its strong customer momentum across global 2000 companies, its leading technology platform, and its world-class team." - Asheem Chandna, partner at Greylock Partners and Skyhigh Networks board member
“As enterprise computing's front-end has moved to mobile and its back-end to the cloud, threat defense and detection have become infinitely more challenging. Skyhigh Networks restores the balance between attackers and defenders, so that CEOs, CIOs, and CISOs can securely enable the use of cloud services, which are in high demand by their employees.” – Aaref Hilaly, partner at Sequoia and Skyhigh Networks board member
Visit the Skyhigh Networks blog to read more about the funding announcement and company growth from CEO and co-founder, Rajiv Gupta.
About Skyhigh Networks
Skyhigh Networks, the Cloud Visibility and Enablement Company, enables companies to embrace cloud services while ensuring security, compliance, and governance of corporate data. Over 200 enterprises including BMC Software, Cisco, CAA, Equinix, Diebold and DirecTV use Skyhigh to gain unparalleled visibility and risk assessment, usage and threat analytics, and seamless access policy enforcement and data security across cloud services. Headquartered in Cupertino, Calif., Skyhigh Networks is backed by Greylock Partners and Sequoia. For more information, visit us at www.skyhighnetworks.com or follow us on Twitter at @skyhighnetworks.
Katy Garlinghouse, 408-564-0278
Venture Capital Database