Still, a rising cybersecurity tide lifts all boats, which raises questions as to how the company plans to compete against rivals such as Zscaler or McAfee, or vie for dollars against businesses with less overlap, but that also focus on digital security like SentinelOne. Bernstein says he believes that there’s room for many players, especially if they have different approaches to cybersecurity. “If you are a chief information security officer, it’s like an onion. You always put in multiple layers of protection,” he says.Ĭurrently unprofitable, Netskope plans to expand quickly with its new money. While the company has made acquisitions in the past, Beri notes that he favors organic growth-though he says he’s open to future acquisitions for talent or tech. The company also plans to hire, to reach a headcount of nearly 1,700 by the end of the year, versus 1,400 today. “There’s such a big opportunity we’re not going to shortchange ourselves.” “For us, this is grab land, grab market share,” says Beri. The latest funding, a Series H, means Netskope is running short of letters it can use to denote further private financing rounds. Joking aside, Beri says this is likely his company’s final funding before an initial public offering. When Netskope plans to go public, however, remains unclear. While it seems like a good time for cybersecurity companies to IPO-shares of CrowdStrike are up 131% in the past year while Zscaler stock has increased 86%-Beri appears to be in no hurry. “I think we can say this will be our last really private round,” says Beri. Bitglass was accused of emailing Netskope’s customers and telling the customers they’re infringing upon two Bitglass CASB patents when they use Netskope’s systems.A Tesla “recall” applies to nearly every car the company has sold in China.But we don’t have a set timeline.” More must-read tech coverage from Fortune : “The reality is, could we be public now? Yes. In February 2021, Netskope sued Bitglass to shoot down patent infringement allegations Bitglass has been making on its website and in emails to Netskope customers. Green stands accused of surreptitiously taking confidential Bitglass files and reports and bringing them Netskope. The company is embroiled in a few lawsuits with top cloud security rival Bitglass, with Bitglass alleging in a July 2020 complaint that Netskope and ex-executive Joseph Green exploited confidential information obtained through Green to gain an improper advantage in the marketplace. Netskope is pointing the way to where cloud, networking, security, and data protection are headed long-term.” We were SASE before the term SASE existed, and today we are seeing our vision manifest across the globe as enterprises increasingly turn to Netskope to enable secure digital transformation.”Įchoing a similar sentiment, ICONIQ Growth Founding Partner Will Griffith added, “The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment. Like Netskope, rival Tanium has raised more than $1bn and has been a rumoured initial public offering (IPO) candidate for years.Ĭommenting on the round, Beri said, We started Netskope because we saw a cloud-centric, digital-first future of business that simply can’t be achieved using legacy approaches to security and networking. The latest funding round propelled the company’s valuation past fellow security upstarts Rubrik, Snyk and OneTrust. In February 2020, it closed a $340m Series G funding round led by Sequoia Capital Global Equities on a $2.8bn valuation. The company’s SASE approach also includes a private cloud providing fast and secure access from any location to data, applications, and websites.įounded in 2012, Netskope employs 1,392 people and has now raised $1.bn in eight rounds of funding. Its cloud-native SASE architecture also includes NewEdge, a connected private cloud, which enables fast and secure access from any location to data, applications, and websites wherever they reside. Led by Sanjay Beri, Netskope provides a cloud-native SASE platform of technologies that enable secure enterprise digital transformation and secure remote connectivity using integrated Zero Trust Network Access (ZTNA), Secure Web Gateway (SWG), and Cloud Access Security Broker (CASB) capabilities. The company intends to use the funds to continue to expand both its platform and go-to-market initiatives. Following this round, Netskope has achieved a post-money valuation of $7.5bn. The round also saw participation from existing investors Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital. Secure Access Service Edge (SASE) company Netskope raised $300m in funding led by existing investor ICONIQ Growth.
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