View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 20, 2014

CipherCloud secures $50m in funding

'New infusion' will help tackle more cloud problems.

By Ben Sullivan

CipherCloud has closed a $50m round of financing, securing investment from multiple venture firms such as Transamerica Ventures and the T-Ventures, the venture capital arm of Deutsche Telekom.

"Given our significant market success this new infusion will help us execute even more aggressively to tackle existing and emerging problems in the space and grow our market share," said company CEO Pravin Kothari.

Ciphercloud is a cloud security firm, with customers in verticals such as banking, healthcare and pharmaceuticals.

"We began our cloud security journey by solving the cryptographer’s dilemma – enabling the breakthrough of searchable strong encryption while preserving the operations of cloud applications," said Kothari.

"Since then, we continued to set new bars for the rest of the industry by bringing breadth and depth to our cloud security platform.

"Accelerating demand for our ground breaking products has propelled our rapid growth to over 500 employees while adding to our positive balance sheet."

CipherCloud has also released the results of its survey in association with Gigaom Research, looking at the extent of business cloud adoption, and enterprise challenges and security concerns amidst a growing prevalence of shadow IT.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

"Organisations are moving beyond curiosity about the cloud to actual deployment," said George Crump, Gigaom Research analyst.

"SaaS is growing at 199% and is the typical home for shadow IT. It is growing because end-users are impatient with IT and looking for alternatives."

81% percent admitted to using unauthorised SaaS applications. 38%of employees deliberately went around IT in adopting applications because IT approval process in their companies is reportedly too slow.

 

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU