SASE firm Netskope gets $300M in funding

Netskope said that this latest round of funding increased its valuation to $7.5 billion. (Image by PublicDomainPictures from Pixabay)

Secure access services edge (SASE) company Netskope said it raised $300 million in Series H funding that it will use to aggressively expand its platform and go-to-market strategy to meet demand for SASE. The company added that this latest round of funding increased its valuation to $7.5 billion.

The Series H funding was led by existing investor ICONIQ Growth. Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital also participated in the round.

Netskope’s cloud-native SASE platform is called NewEdge, and its architecture enables secure remote connectivity and features an integrated zero-trust network access, secure web gateway and cloud access security broker capabilities. The company claims NewEdge is the most connected private cloud and also the fastest growing private cloud.   

Netskope says it has more than 1,500 customers globally, and more than 30 are Fortune 100 firms. In addition, it says its customers include two of the world’s largest commercial banks, five of the world’s largest healthcare providers and 2 of the world’s largest telecom companies

Related: Industry Voices—Raynovich: Will 2021 get more SASE?

Analysts at Gartner estimate that by 2024 30% of enterprises will adopt cloud-delivered services such as those offered by Netskope, which is up from 5% in 2020.

“We were SASE before the term SASE existed,” said Netskope CEO and co-founder Sanjay Beri. “We are fortunate to have attracted a truly exceptional team and set of partners, customers and industry luminaries who support and bring tremendous value to us.”