Cloud security provider Netskope raises $340 million at a $3 billion valuation led by Sequoia

Netskope, a Santa Clara, California-based cybersecurity startup that provides real-time data and threat protection for public cloud, websites, and private apps, has closed $340 million in a round of funding led by Sequoia Capital. The financing, which includes participation from existing investors, brings the 8-year old startup to a valuation of $3 billion. Backers include Lightspeed Venture Partners, Accel, Iconiq Capital, Base Partners, Sapphire Ventures, Geodesic Capital, Social Capital, Canada Pension Plan Investment Board, and PSP Investments.

Founded in 2012 by Sanjay Beri, Netskope security cloud provides unrivaled visibility and real-time data and threat protection when accessing cloud services, websites, and private apps from anywhere, on any device. Using patented technology, Netskope’s cloud-scale security platform provides context-aware governance of all cloud usage in the enterprise in real time, whether accessed from the corporate network, remote, or from a mobile device.

“When we started Netskope in 2012, it was clear that the cloud was changing everything, but few saw how it would disrupt security,” said Sanjay Beri, CEO of Netskope. “Since inception, we have always focused on architecting a true cloud platform that, over time, will secure and govern all of an enterprise’s traffic as the perimeter evolves into a new high-performance worldwide cloud edge. This latest investment from the top enterprise and security investors in the world is proof of not only our enormous success in establishing Netskope as the new gold standard for cloud-delivered security, but also that the astounding level of global demand we’re seeing today is just the tip of the iceberg.”

“Netskope has become the unrivaled leader driving innovation across cloud, data and network security, which makes up the largest part of today’s security market,” said Patrick Fu, managing partner at Sequoia Capital Global Equities. “Netskope is raising the bar for game changers who are successfully pushing beyond the limitations of existing technology to reshape a market. Sanjay and the entire Netskope team are on an incredible trajectory, and we are thrilled to partner with this talented team for the long term.”

According to Gartner’s “The Future of Network Security Is in the Cloud,” published in August 2019, “Digital business transformation efforts, the adoption of SaaS and other cloud-based services, and emerging edge computing platforms have turned the enterprise network ‘inside out,’ inverting historical patterns.” The report states, “Instead of the security perimeter being entombed in a box at the data center edge, the perimeter is now everywhere an enterprise needs it to be – a dynamically created, policy-based secure access service edge (SASE).”