CoreStack, a Seattle-based, venture-backed, Enterprise-Cloud Governance Technology Startup, has landed an $8.5 million in Series A Financing round. The funding was led by Naya Ventures along with strategic investors. CoreStack said some 20 more cloud specialists will be added to the existing workforce of 64 in its India R&D Centre by the end of this year.
CoreStack's expansion plans come at a time when Gartner has predicted that the worldwide public cloud service market will grow to $331.2 billion by 2022.
CoreStack's total funding touches $13 million
The fresh financing round takes CoreStack's total funding to $13 million. "CoreStack's has a huge potential for upward growth, with the increasing demand for their autonomous, scalable, and profitable cloud governance solution," said Dayakar Puskoor, Managing Director of Naya Ventures. "We believe enterprises will continue to invest in multiple clouds, protected with strong governance. CoreStack is driving the marketplace, and we are excited to partner and help build this great enterprise," he added.
The Series A financing follows a record year of growth for CoreStack, and rapidly growing enterprise clients across the US, Europe, and India. The company made key executive appointments, earning significant market traction with enterprises adopting CoreStack for large scale cloud implementation.
CoreStack's R&D Centre is based out of Chennai, India. CoreStack is used today by many leading global enterprises and is backed by industry-leading advisors.
Digital transformation initiative
The 4-year-old CoreStack's cloud solution is deployed by several global enterprises to run efficient cloud operations for staying secure and compliant. Clienteles in India and global markets engaged in Financial services, Healthcare, Large IT services, ISVs, Education services have reported an annual cloud cost savings of 20%-60% using the CoreStack solution. All CoreStack products are designed, built, and delivered from its Chennai R&D Centre.
"As enterprises embrace the cloud as a part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, cost, and consumption in a market valued to be $266 Billion in 2020," said Ezhilarasan Natarajan, CEO, CoreStack.
Gartner recognition
"We're at the cutting edge of a novel cloud governance innovation, validated with recent recognition by Gartner. The financial partnership and enterprise expertise of Naya Ventures, combined with Z5 Capital including our strategic investors will further catalyse our growth milestones. CoreStack team is excited about its future, and anticipates 3x growth in revenues in the next 12 months," he added.
CoreStack was founded in 2016 by Enterprise Cloud veterans. Gartner has recognized CoreStack both in its Magic Quadrant for Cloud Management Platforms -2020 and Cool Vendors in Cloud Computing -2019. The Company was recently awarded a U.S. Patent on Orchestration of Multiple Cloud Platforms and Services. CoreStack is a Microsoft Azure Gold & Co-sell Partner and Amazon AWS Advanced Technology Partner.
