The latest funding round, led by existing investors Sutter Hill Ventures, Altimeter Capital, and others, has taken the company’s valuation to $8.3bn
California-based software company Lacework has raised $1.3bn in a Series D funding round for its data-driven security platform for the cloud.
The company’s valuation has gone up to $8.3bn following the growth funding round. It was led by existing investors Sutter Hill Ventures, D1 Capital Partners, Altimeter Capital, and Tiger Global Management.
The funding round saw the participation of new investors such as Counterpoint Global (Morgan Stanley), Franklin Templeton, Durable Capital, XN. Coatue, and General Catalyst.
Existing investors that include Dragoneer, Snowflake Ventures, and Liberty Global Ventures also took part in the financing round.
Lacework co-CEOs David Hatfield and Jay Parikh said: “Our growth over the last 36 months reflects the pain many businesses endure as they attempt to navigate the cloud using security products that simply aren’t designed for it.
“This investment, and the partnership of these long-term investors, will help us realise Lacework’s promise of becoming the most trusted cloud security platform.”
Lacework’s cloud security platform is said to natively integrate security from code to run time.
Powered by a data-first machine-learning engine called Polygraph, the platform is said to automate cloud security at scale to enable customers to innovate with speed as well as safety.
Lacework’s cloud security platform is designed to collect, analyse, and correlate data across an enterprise’s AWS, GCP, Azure, and Kubernetes environments, and bring it down to the handful of highly important security events.
The company plans to use the Series D funding to consolidate its position in the cloud security market. Lacework plans to drive product innovation in order to grow its total addressable market apart from undertaking strategic acquisitions.
Last week, the company acquired Soluble in a move to boost the capabilities of its cloud security platform to further help enterprises in integrating security practices earlier in their software delivery process.
Lacework will also use the proceeds from the Series D round to scale go-to-market strategies, expand its workforce and footprint internationally.
Sutter Hill Ventures managing director Mike Speiser said: “Lacework’s Cloud Security Platform was built in the cloud, for the cloud. It’s a fundamentally different – and better – approach to security that is already dramatically reshaping the security market.
“With an outstanding platform and an exceptional team, for the past 36 months Lacework has repeatedly outperformed its competitors and consistently exceeded its targets across a wide range of very ambitious metrics.”