US-based Corestack, a SaaS solution provider with AI-based multi-cloud governance, raised USD 30 million on 24th November.
Investors: Avatar Growth Capital led the investment round alongside Dallas Venture Capital (DVC), Iron Pillar, and other angel investors. As of now, the total funding has exceeded USD 45 million.
Purpose of funding: This funding will help the company maintain rapid growth and innovation with its AI-powered autonomous cloud governance at scale and make strategic progress in expanding into new markets. Nevertheless, the company focused on product innovation, customer outreach, and partnerships with Amazon AWS, Microsoft Azure, and Google Cloud. In addition, the covid-19 aftermath presents a lot of growth opportunities. Among the startup’s achievements were the acquisition of numerous new customer logos, key executive appointments, and continued adoption by large corporations.
Founded in 2016 by Thiruvalluvar NB, Sabapathy A, Ezhilarasan Natarajan, and Krishnakumar Narayanan, Corestack is located in Bellevue, US. Corestack is a SaaS solution provider with AI-based multi-cloud governance. The startup provides cloud visibility, preventative governance guardrails, and automatic remediation, helping enterprises overcome cloud challenges, including unpredictable and unabated costs, rising security risks and regulatory compliance requirements. It enables businesses to manage the cloud continuously, autonomously, and at scale while leveraging the power of the cloud. Among the industries it serves are Financial Services, Healthcare, Retail, Education, Telecommunications, Technology, and Government.
What the founder has to say
“Adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic. CoreStack is leading the way in helping these companies unleash the power of the cloud through governance across compliance, security, operations, cost, and consumption. We are thrilled that we can further expand and innovate, thanks to the new partnership with Avatar Growth Capital, as well as the continued support of our existing investors,” said Ezhilarasan Natarajan, CEO at CoreStack.
What the investors have to say
“CoreStack’s unique and innovative end-to-end cloud governance platform is a trail-blazer in the industry. The rapid adoption of CoreStack by enterprises endorses the transformative value that the solution can provide, and we’re truly impressed with the leadership team and the progress the company has been able to make. CoreStack’s holistic approach to cloud-native governance is the missing link that enterprises need in order to get the best out of their cloud deployments. We are excited to partner with CoreStack in its mission to help its rapidly growing customer base maximize their ROI on cloud,” said Abhay Havaldar, Managing Director of Avatar Growth Capital.
“VC business is all about doubling and tripling down on your winners. And that is precisely what Iron Pillar has done with CoreStack’s latest $30M financing,” said Mohanjit Jolly, partner at Iron Pillar.
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