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.
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"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.
