Data security firm Bitglass, which provides corporates with secure data storage, has raised a $45 million Series C investment that saw the participation of a new investor, the Australian Government Future Fund, existing investors New Enterprise Associates (NEA), Norwest Venture Partners, SingTel Innov8 and others. The round brings aggregate equity funding of the enterprise to $80 million.
Bitglass, which describes itself as a Cloud Access Security Broker (CASB) solution, provides enterprises with end-to-end data protection from the cloud to the device.
The company states it will use the investment to fuel its global expansion, in the U.S., EMEA and APAC regions. “Bitglass has all the ingredients for a lasting independent company – growing market, breakthrough technology and strong management team,” said Scott Sandell, managing general partner at NEA.
Singtel Innov8 is the venture capital arm of Singapore-based supra-regional telecoms player Singtel (Singapore Telecom), whose majority shareholder is Singapore’s state investment fund Temasek Holdings.
According to its website, Singtel Innov8 has a fund size of $250 million, with a presence in Singapore, Silicon Valley, Tel Aviv and other markets and targets investments in technologies and solutions that “lead to quantum changes in network capabilities, next-generation devices, digital content services and enablers to enhance customer experience.”
Cloud applications are currently used in more than 59 per cent of organisations globally for tasks such as document editing, enterprise messaging, data storage, CRM, and more. According to Gartner, more than $1 trillion in IT spending will be directly or indirectly affected by the shift to cloud during the next five years.
According to Bitglass, it recently surveyed more than 100 IT executives at the Gartner Symposium/ITxpo on their public cloud strategy. Respondents shared interesting insights on their current deployments and plans for 2017: 22 per cent plan to decrease spending on on-premises security infrastructure from Palo Alto, Cisco and Symantec, while close to 20 per cent have decreased their spending on legacy security tools for their cloud application deployments.
Meanwhile, according to the company, this survey indicated that 82 per cent of organisations have at least two cloud apps deployed, with more than 50 per cent having more than four sanctioned apps deployed. More than one in four cited unmanaged device and external sharing control as the most desired capability in 2017.
Founded in 2013, Bitglass claims to have experienced customer growth with regulated industries such as healthcare, financial services, and life sciences driving them in particular. Bitglass maintains that it enables security-conscious organisations to safely enable secure BYOD and adopt cloud-based applications such as Google’s G Suite, Microsoft Office 365, Box, Slack, Salesforce and more.
Speaking on the investment, Nat Kausik, CEO of Bitglass, said: “Cloud and mobile are driving business data beyond the firewall, introducing new security and compliance risks. Bitglass uniquely delivers real-time inline data protection in the cloud, at access, and on any device. This funding is testimony to our strong position in the market and fiscal health.”