Cloud-based software-as-a-service provider CoreStack has reportedly raised USD 30 million in a Series B round, making it the latest cloud technology startup to receive significant funding in the Seattle area, home to giants like Amazon and Microsoft.
The funding round was led by investment firm Avatar Growth Capital, with continued participation from Iron Pillar, Dallas Venture Capital (DVC), and other angel investors. The Bellevue-based firm has now amassed a total of USD 45 million since its inception in 2016.
For the uninitiated, CoreStack helps enterprises with security threats, cloud pricing, and regulatory compliance. Moreover, it allows clients to obtain insightful data on their cloud usage.
The latest funding will help the company to continue growing and innovating with its AI-powered continuous and autonomous cloud governance solutions at a larger scale and explore new markets.
Abhay Havaldar, Managing Director, Avatar Growth Capital, stated that the growing acceptance of CoreStack by businesses validates the solution's revolutionary potential.
Ezhilarasan Natarajan, CEO of CoreStack, mentioned that the adoption of enterprise cloud solutions has surged since the pandemic, and the company is leading the way in assisting businesses in using the cloud's capabilities through governance across compliance, security, operations, cost, and consumption.
They are pleased to build on their USD 1 billion in cloud data managed by CoreStack solutions, and persistently pursue their objective of becoming the benchmark technology that customers trust, he added.
It is worth mentioning that CoreStack's successful Series B funding can be credited to its significant advancements in product innovation, outstanding client growth, and partnerships with key players such as Microsoft Azure, Amazon AWS, and Google Cloud.
The SaaS provider, despite the negative impact of the pandemic, has seen tremendous growth in new customer logos, key executive appointments, and large-scale adoption.
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