SAN JOSE, Calif., Nov. 19, 2014 /PRNewswire/ -- CipherCloud, the leader in cloud visibility and data protection, today announced a $50 million round of financing. Transamerica Ventures led the round, joined by Delta Partners, and existing investors Andreessen Horowitz and T-Venture, the venture capital arm of Deutsche Telekom.
This round of financing further cements CipherCloud as the leader in the cloud visibility and data protection market and positions the company for explosive growth in 2015 and beyond. CipherCloud will use the new financing to further fuel its go-to-market activities, support international growth in Europe and Asia Pacific, drive the enterprise adoption of CipherCloud's cloud security platform among enterprises, as well as advance product innovation efforts to protect the cloud against an ever growing set of risks.
In addition, this round of financing validates the growing importance of cloud visibility and data protection among enterprises and CipherCloud's leadership in what has become one of the most important technology changes in the enterprise – the rapid adoption of cloud applications for workplace productivity, collaboration, storage and business processes like CRM, and the surge of data that is stored in them.
"Transamerica has a very targeted focus on working and supporting innovative entrepreneurs to build category-leading companies," said Georg Schwegler, CEO of Transamerica Ventures. "CipherCloud is successfully helping enterprises to securely adopt cloud applications with its innovative portfolio of cloud security solutions and is poised for impressive growth. Transamerica Ventures has strong confidence in CipherCloud, given its leadership's track record, its growing customer base and expanding partner network."
Today, the cloud has become strategic to businesses in every industry, including financial services, healthcare, telecommunications and even government agencies. Organizations that are not adopting the cloud are rapidly finding themselves at a competitive disadvantage. CipherCloud has increasingly become the de facto provider to secure data in the cloud by making it possible to ensure the highest level of security, including searchable strong encryption and tokenization, while preserving application functionality.
"Security and privacy are inhibitors that prevent organizations from adopting cloud applications and CipherCloud solves these challenges in an elegant way," said Andreessen Horowitz partner, John M. Jack. "Since its founding, the team continues to demonstrate smart vision and agile execution in lock step with the cloud risks mitigation their customers need. Their hockey stick growth testifies to the market demand for their products."
CipherCloud has brought to market the industry's first complete cloud security platform, a game changing step in the innovation of cloud security that is poised for continued rapid growth as the cloud market hits $191.3 billion in 2020.1 CipherCloud cloud security platform contains the following essential components:
- Cloud application discovery that provides aggregated reporting and dashboards of cloud applications including understanding employee usage and behavior, whether they are using enterprise approved cloud applications or not, and the level of risk of using them and most importantly putting data into them.
- Cloud data security that delivers based on corporate policies, industry regulations, or country required compliance laws the maximum level of protection to all sensitive data through a combination of searchable strong encryption, tokenization and malware detection controls.
- Cloud user monitoring that enables the tracking and identification of anomalies that help to reduce the source of risk from both of insider and external threats.
"We began our cloud security journey in 2010 by solving the cryptographer's dilemma – enabling the breakthrough of searchable strong encryption while preserving the operations of cloud applications," said Pravin Kothari, founder and CEO, CipherCloud. "Now four years later, CipherCloud is the clear leader in the market with over three million users and is establishing the standard for how enterprises adopt the cloud while controlling and securing their data."
Kothari continued: "We are thrilled to have five of the top 10 US banks, top healthcare providers, the largest pharmaceutical companies, global telecommunications companies, as well as some of the largest government agencies in the world as customers. This new financing will help us grow even more rapidly and further dominate the market."
CipherCloud's leading cloud visibility and data protection platform enables businesses to accelerate their adoption of cloud applications including Salesforce.com, Microsoft Office 365, ServiceNow, Box and many others while ensuring security, compliance and control of their data.
"CipherCloud has established a global leadership position right at the intersection of two of the most interesting trends that we are seeing, namely the continued migration of businesses to cloud services and the need for greater data protection required by both regulators and customers," said Kristoff Puelinckx, Group Co-Managing Director of Delta Partners, an investment firm whose limited partners include the World Bank/IMF. "We look forward to actively supporting the management team at CipherCloud in the company's continued growth and development."
CipherCloud, the leader in cloud visibility and data protection, delivers cloud adoption acceleration while ensuring security, compliance and control. CipherCloud's open platform provides comprehensive cloud application discovery and risk assessment, data protection – searchable strong encryption, tokenization, data loss prevention, key management and malware detection – and extensive user activity and anomaly monitoring services.
CipherCloud has experienced exceptional growth and success with over 3 million of business users, across 11 different industries.
The CipherCloud product portfolio protects popular cloud applications out-of-the-box such as Salesforce, Box, Microsoft Office 365, and ServiceNow.
CipherCloud, named as SC Magazine's 2013 Best Product of the Year, technology is FIPS 140-2 validated and is backed by premier venture capital firms Transamerica Ventures, Andreessen Horowitz, Delta Partners, and T-Venture, the venture capital arm of Deutsche Telekom. For more information, visit www.ciphercloud.com and follow us on Twitter @ciphercloud.
1 Gaudin, Sharon. "Public cloud market ready for 'hypergrowth' period." Computerworld 24 Apr. 2014. Online.
Director of Corporate Communications
SOURCE CipherCloud, Inc.