[Funding alert] Iron Pillar invests $4M in SaaS startup CoreStack
CoreStack, the Seattle-based cloud governance and compliance SaaS startup, has raised $4 million in funding led by Iron Pillar, the venture growth investor. This is the maiden investment made by Iron Pillar Fund II. The fund said in its press statement that it will be targeting growth-stage cloud software companies in Fund II. CoreStack will use the funds for continued market expansion. CoreStack has its development in Chennai.
Ezhilarasan (EZ) Natarajan, Founder and CEO, CoreStack, said in the press statement, "Over the past couple of years, CoreStack has delivered needle-moving value to enterprise companies. Customers see consistent outcomes such as 50 percent improvement in cloud operational efficiencies, 100 percent compliance to standards, and 40 percent savings in cloud costs," he said.
"Iron Pillar came along as the perfect partner to help us expand globally, not only by way of expanded investment interest to Series A financing, but more importantly, by way of introduction to customers, partners and advisors," he added.
In March 2020, CoreStack had announced that it had raised $8.5 million in Series A funding led by Dallas Venture Capital (DVC) with participation from Jim Dubois, former Microsoft CIO, and Abidali Neemuchwala, former Wipro CEO.
The press statement added, the company and its Board decided to create an investment opportunity specifically for Iron Pillar given the value that the Iron Pillar team brought through access to global customers, partners, investors, and the Iron Pillar Network.
Founded in 2016 by Ezhilaran, Rathinasabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB, the startup enables enterprises to autonomously, keep their cloud infrastructure compliant with regulations and industry standards. CoreStack states it has grown over 200 percent per year over the past three years in US, India, and Europe.
Enterprise customers leverage CoreStack for their cloud governance and compliance needs, as pre-requisites for broader, large scale cloud adoption and migration.
Mohanjit Jolly, Partner at Iron Pillar, added in the press statement,
“We are thrilled to be investing in CoreStack, that has built and delivered world class cloud governance and compliance solutions to a discerning global customer base. To see a company get the sort of traction that CoreStack has, and that too with relatively little capital, is truly rare in the SaaS world. The company is at the leading edge of the cloud-based digital transformation movement that has been accelerated in 2020. The Iron Pillar team looks forward to working closely with CoreStack management and existing investors in creating a differentiated cloud software unicorn.”
Edited by Kanishk Singh