This latest round of funding, which comes with an increase in valuation of the company from the last round, will lead the company through to profitability. Skyhigh plans to use the funding to accelerate its go-to-market investments and extend its leadership in the rapidly growing cloud security market with its Cloud Access Security Broker (CASB) solution. “We are thrilled to have raised an up round from Thomvest, Greylock, and Sequoia, particularly in the current environment,” said Rajiv Gupta, co-founder and CEO, Skyhigh Networks. “It is a testament to the incredible work of our employees and will enable us to accelerate our growth and carry us to profitability. We are delighted to have Umesh Padval from Thomvest join our Board of Directors as we capitalise on the market opportunity to be the control point for the cloud.”
“As the massive migration to cloud accelerates, security has become a major pain point for enterprise CISOs,” said Padval. “The market for cloud security is directly tied to the demand for SaaS, PaaS, and IaaS, collectively projected to grow to $141 billion in 2019. We recognise in Skyhigh the rare combination of a massive market opportunity, technical product leadership, enviable list of customers, visionary management, and a world-class team. Skyhigh helped pioneer the CASB market, and we look forward to working with their team as they continue to innovate and lead this space.”
