As enterprises transform their legacy IT infrastructure and move applications and data to the cloud, security needs to transform as well," Netskope said in a statement. "Cybercrime is increasing at an alarming rate. The COVID-19 pandemic also forced companies to shift to a remote working model, driving demand for cloud security measures. Also, about 61% of malware is delivered from the cloud.īusinesses globally are battling to protect their data-rich computers from cyber crime and there are no signs such costly attacks will stop anytime soon. Netskope's platform provides protection for sensitive data stored in Inc's (AMZN.O) Amazon Web Services, Microsoft Corp's (MSFT.O) Azure and Alphabet Inc (GOOGL.O) owned Google's Cloud Platform.Īccording to a Netskope threat report, around 53% of web traffic is related to cloud activity as more businesses move online. ICONIQ Growth had previously invested in tech giants including Alibaba (9988.HK), Airbnb Inc (ABNB.O) and Uber Technologies Inc (UBER.N). Other major existing investors of Netskope, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital, also participated in the funding round, Netskope said. July 9 (Reuters) - Netskope said on Friday its valuation more than doubled to $7.5 billion after a $300 million funding round led by ICONIQ Growth, highlighting massive demand for cloud security services as cyber attacks increase in number and severity.
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