Cloud Security Firm Bitglass Raises $45 Million

Bitglass, a Silicon Valley-based provider of mobile and cloud data protection solutions, today announced that it has secured $45 million in a Series C funding round.

Tacking a significant amount to the $25 million raised in its Series B round in 2014, the Series C funding brings the total amount raised by Bitglass to $80 million.

The Campbell, Calif.-based Cloud Access Security Broker (CASB) says that new investment will be used to fuel expansion in the U.S., EMEA and APAC regions.

Bitglass Logo

Founded in 2013, Bitglass offers a solution designed to secure corporate data in the cloud and on mobile devices via secure BYOD. Its platform also helps organizations securely leverage cloud-based applications such as Google’s G Suite, Microsoft Office 365, Box, Slack, Salesforce and more.

“Cloud and mobile are driving business data beyond the firewall, introducing new security and compliance risks,” said Nat Kausik, CEO, Bitglass. “Bitglass uniquely delivers real-time inline data protection in the cloud, at access, and on any device.  This funding is testimony to our strong position in the market and fiscal health.”

CASBs, which provide security and visibility for companies moving to the cloud, have experienced rapid growth, with several players in the space being acquired by larger enterprise technology firms.

In June 2016, Cisco announced its intention to acquire CloudLock, a privately held cloud CASB based in Waltham, Massachusetts for $293 million in cash and assumed equity awards. In 2015, Microsoft bought Adallom and turned it into its Cloud App Security service launched in April 2016. In 2014 Imperva bought Skyfence; in 2015, Palo Alto Networks bought CirroSecure; and in November 2015 Blue Coat (since acquired by Symantec) bought Elastica.

In addition to new investor Future Fund, existing investors NEA, Norwest, Singtel Innov8 and others participated in Bitglass’ Series C funding.

Related: Cisco’s Acquisition of CloudLock Puts Spotlight on CASB Market

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For more than 10 years, Mike Lennon has been closely monitoring and analyzing trends in the enterprise IT security space and the threat landscape. In his role at SecurityWeek he oversees the editorial direction of the publication and manages several leading security conferences.

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