CipherCloud has closed an $50 million round of financing that will be used to fuel its go-to-market activities, support international growth in Europe and Asia-Pacific, drive adoption of the company's cloud security platform among enterprises, and enhance product innovation efforts.
Transamerica Ventures led the round and was joined by Delta Partners, and existing investors Andreessen Horowitz and T-Venture, the venture capital arm of Deutsche Telekom.
Transamerica Ventures CEO Georg Schwegler said the company is targeted on working to build "category-leading" companies, such as CipherCloud.
"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," he said.
CipherCloud's cloud security platform enables businesses to adopt cloud applications such as Salesforce.com, Microsoft Office 365, ServiceNow, and Box, while ensuring they have full visibility and data protection of their data.
"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 3 million users and establishing the standard for how enterprises adopt the cloud while controlling and securing their data."
According to Kothari, CipherCloud provides support to five of the top 10 US banks, as well as to companies in industries including healthcare, pharmaceutical, telco, and government.
"This new financing will help us grow even more rapidly and further dominate the market," he said.
Correction: The value of the funding round converts to AU$58 million, not AU$50 million as originally listed.