[Funding alert] Enterprise cloud governance startup CoreStack raises $8.5M in series A round led by Naya Ventures
Seattle and Chennai-based enterprise cloud governance technology startup CoreStack, which has a large R&D Centre in Chennai, on Wednesday said it has raised $8.5 million in Series A funding round led by Naya Ventures, with participation from strategic investors.
The company said it plans to use the funding to add 20 more cloud specialists to its existing team of 64 in its Chennai facility by the end of 2020.
The latest move will also bring Dayakar Puskoor, Managing Director, Naya Ventures, to be part of CoreStack’s Board of Directors.
The fresh financing round will bring CoreStack’s total funding to $13 million, which will help the company expand its sales and marketing, and accelerated product development in the area of single and multi-cloud enterprise governance solutions.
“CoreStack has a huge potential for upward growth with the increasing demand for its autonomous, scalable, and profitable cloud governance solution,” said Dayakar. “We believe enterprises will continue to invest in multiple clouds, protected with strong governance. CoreStack is driving the marketplace, and we are excited to partner and help build this great enterprise,” he added.
Founded in 2016 by enterprise cloud veterans Ezhilarasan Natarajan, Sabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB, CoreStack is a venture-backed startup that empowers enterprises to achieve continuous and autonomous cloud governance at scale.
The Series A financing follows a record year of growth for CoreStack, and rapidly growing enterprise clients across the US, Europe, and India. The company said it made key executive appointments, earning significant market traction with enterprises adopting CoreStack for large scale cloud implementation.
It said some of its clients in India and overseas, who are engaged in financial services, healthcare, large IT services, ISVs, and education services, have reported an annual cloud cost savings of around 20-60 percent using the CoreStack solution. All CoreStack products are designed, built, and delivered from its Chennai R&D Centre.
“As enterprises embrace the Cloud as part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, cost, and consumption in a market valued to be $266 billion in 2020,” said Ezhilarasan Natarajan, CEO, CoreStack.
(Edited by Megha Reddy)