Elastica, a provider of cloud app security services, has raised a $30 million Series B round of funding. Third Point Ventures led the funding, which included Mayfield Fund, Telstra and Pelion Ventures. The San Jose, Calif.-based company previously raised a $6 million Series A round. As a result of the latest round, Robert Schwartz from Third Point has joined the Elastica board.
Elastica Closes $30 Million Series B Funding Round to Meet Rapidly Growing Demand for Security in $91 Billion Enterprise Cloud Services Market
Elastica Positioned to Lead Emerging Cloud Application Security Market as Enterprises Recognize That Traditional Security Solutions Cannot Protect Data or Detect Threats in Cloud App Usage
SAN JOSE, Calif. – March XX, 2015 – Elastica (www.elastica.net), the leader in Data Science Powered™ Cloud Application Security, today announced that it has closed its series B funding round with an investment of $30 million. Third Point Ventures led the round, with participation from Mayfield Fund and Pelion Venture Partners. Robert Schwartz from Third Point Ventures joined the Elastica board.
Forrester Research reported that the public cloud market was $58 billion in 2013, is approaching $91 billion and estimates that it will grow to $191 billion by 2020 (The Public Cloud Market Is Now In Hypergrowth, April 24, 2014). Traditional solutions’ inability to provide security and compliance for enterprise cloud usage has created demand for a new breed of security solutions delivered by Elastica that many leading analyst firms say will be adopted by 25 percent of enterprises by 2016.
As a member of the Cloud Access Security Brokers category, Elastica is competing in a market that Gartner has identified as rising in importance. In the analyst firm’s Emerging Technology Analysis: Cloud Access Security Brokers report (9/25/14), it reported: Since their emergence in 2012, CASBs have grown in importance and today are the primary technical means of giving organizations more control over SaaS security. This technology will become an essential component of SaaS deployments by 2017.
The cloud app security provider will use the investment to further fuel its global expansion, channel sales, engineering, marketing and research teams as it takes a leadership role in the market.
“Elastica is the kind of company we like to invest in – one that is rapidly becoming a category leader,” said Robert Schwartz, managing partner at Third Point Ventures, the venture arm of Third Point LLC. “Elastica has very strong momentum as it fundamentally changes the way the enterprise makes usage of cloud apps secure. The company’s innovative solutions, strong management and deep bench of data scientists and researchers have enabled a new category of security for cloud apps that traditional security solutions cannot bridge.”
“While cloud apps are increasingly essential for business agility and IT cost effectiveness, they have inherent information exchange and collaboration capabilities that require a new kind of security,” said Rehan Jalil, CEO of Elastica. “Our unique data science technology that delivers effective security across cloud application and services has positioned us to lead the cloud app security category. New financing will further fuel our growth. ”
For more information about Elastica, please visit http://www.elastica.net.
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Elastica is the leader in Data Science Powered™ Cloud Application Security. Its CloudSOC™ platform empowers companies to confidently leverage cloud applications and services while staying safe, secure and compliant. A range of Elastica Security Apps deployed on the extensible CloudSOC™ platform deliver the full life cycle of cloud application security, including auditing of shadow IT, real-time detection of intrusions and threats, protection against intrusions and compliance violations, and investigation of historical account activity for post-incident analysis. Learn more about Elastica at http://www.elastica.net.