CipherCloud Closes $30 Million Investment Round
CipherCloud, the leader in cloud information protection, today announced that it has secured $30 million in funding from Andreessen Horowitz. CipherCloud’s existing investors include Andreessen Horowitz, Index Ventures and T-Venture, the venture capital arm of Deutsche Telekom. The company plans to use the new funding to accelerate its global go-to-market strategy with expanded sales and marketing, to further develop its cloud information protection offerings and to advance its technology leadership. John M. Jack, board partner at Andreessen Horowitz and former CEO of Fortify Software, will join the company’s board of directors.
CipherCloud is at an advanced stage of market success, technology maturity and operations for a company taking its first significant venture funding investment. Since its founding in 2010, the company has rapidly grown its customer base, protecting 1.2 million cloud application users and 100 million customer records for more than 40 enterprise clients across eight countries. Customers include top firms in banking, insurance, healthcare and technology, as well as government agencies.
“Security is the number one inhibitor preventing organizations from adopting cloud applications, and CipherCloud has solved this huge problem in a very elegant way,” said John M. Jack. “CipherCloud is moving up one of the fastest enterprise adoption curves I have ever seen. The combination of technology, team and market opportunity makes this a compelling investment.” (Read more on John’s blog post: Why Didn’t I Do This?)
The company’s cloud encryption and tokenization gateways empower enterprises to securely adopt cloud applications by eliminating concerns about data privacy, residency, security and regulatory compliance. The groundbreaking technology secures sensitive information in real time, before it’s sent to the cloud, with no impact to usability or performance, or change to the cloud application.
The CipherCloud product portfolio supports popular cloud applications including Salesforce, Force.com, Chatter, Google Gmail, Microsoft Office 365, and Amazon AWS. Additionally, customers can extend data protection to hundreds of third-party cloud and private cloud applications and databases with CipherCloud Connect AnyApp and CipherCloud Database Gateway.
A security visionary, CipherCloud Founder and CEO Pravin Kothari was previously co-founder and vice president of engineering at ArcSight, which was acquired by HP for more than $1.5 billion. He leads a management team of successful enterprise software executives from tech giants HP, SAP, Sun Microsystems and Microsoft, all of whom are experienced at bringing game-changing cloud solutions to the enterprise market and driving rapid revenue growth.
“When I founded CipherCloud it was clear to me that the entire enterprise market was accelerating its move to the cloud,” said Pravin Kothari. "Our vision has been to create solutions that enable organizations to safely and securely complete their cloud journey while maintaining a high level of security and retaining control of their information.”
Gartner Inc.’s latest forecast confirms the tremendous opportunity ahead of CipherCloud. Analysts estimate the cloud market will double by 2016 to $206 billion and that 25 percent of enterprises will use a cloud information protection technology like CipherCloud’s.
For more information please visit www.ciphercloud.com.
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