[Funding alert] CoreStack closes $30M Series B round led by Avatar Growth Capital
, a global multi-cloud governance SaaS provider, has raised $30 million Series B funding led by Avatar Growth Capital, with continued participation from Dallas Venture Capital (DVC), Iron Pillar, and other angel investors.
This brings CoreStack’s total funding to $45 million, following its Series A in March 2020. The funding will help CoreStack continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale, while also making strategic headway with expansion into new markets, the company said.
Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack’s board of directors, upon required legal clearances.
“CoreStack’s unique and innovative end-to-end cloud governance platform is a trail-blazer in the industry. The rapid adoption of CoreStack by enterprises endorses the transformative value that the solution is able to provide, and we’re truly impressed with the leadership team and the progress the company has been able to make,” said Abhay Havaldar, Managing Director of Avatar Growth Capital.
“CoreStack’s holistic approach to cloud-native governance is the missing link that enterprises need in order to get the best out of their cloud deployments," Abhay added.
CoreStack’s approach to AI-powered cloud native governance utilises a unique cloud-as-code approach, orchestration frameworks, deep AI/ML, and patented connector-less model.
Ezhilarasan Natarajan, CEO of CoreStack, added,
”Adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic. CoreStack is leading the way in helping these companies unleash the power of cloud through governance across compliance, security, operations, cost, and consumption. We are thrilled that we can further expand and innovate, thanks to the new partnership with Avatar Growth Capital, as well as the continued support of our existing investors.”
According to the company, the Series B financing is a result of CoreStack’s significant advances in product innovation, remarkable customer growth, and partnerships with Amazon AWS, Microsoft Azure, and Google Cloud. Despite the pandemic, the firm saw significant acquisition of new customer logos, along with key executive appointments, and continued adoption at large enterprises.