Business, Investments

Skyhigh Networks Closes USD 40M from Sequoia and Greylock Partners

Cupertino, California-based cloud access security company, Skyhigh Networks has raised USD 40 million in series C round from Greylock Partners, Sequoia Capital and Salesforce. Earlier, it has received USD 20 million in series B and USD 6.5 million in series A funding round from existing investors.

It brings the total capital of the company to date to USD 66.5 million. The new funds will be used to accelerate its growth, marketing and international expansion. Skyhigh Networks was established in 2011 by Co-Founders Kaushik Narayan, Sekhar Sarukkai and Rajiv Gupta.

Skyhigh discovers, manages and controls the cloud services from all the apps that people use at work. The company offers 2,600 services with 500 added every six weeks. At present, the firm has been adopted by more than 200 customers.

Also Read: Andreessen Horowitz invests USD 90 million in IT Management Tool Tanium

Tech Crunch says: Skyhigh shared a few growth metrics, including that its revenue has increased 362% since 2013. In conversation Gupta stated that the correct figure is actually larger. Skyhigh is a young company, making it easier to grow its top line by such percentages than it would be for a mature firm. It will be more interesting to see the multiple of its 2014 revenues that the company can tally next year.

Sequoia’s Aaref Hilaly said that “When you create a new product category, you want to quickly overtake the market. This, of course, deprives oxygen from potentially competing companies. Skyhigh and its backers view the company as something distinct in the security market. That perspective rests on the idea that cloud security will be as diverse and broad as cloud applications themselves, making Skyhigh’s products useful to a wide customer base. More simply, the larger the cloud itself grows, the more potential work exists for Skyhigh, in its view.

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