CoreStack declared that it has raised and amount of $8.5 million in Series A funding round led by Naya Ventures
Seattle and Chennai-based enterprise cloud governance technology startup CoreStack, that owes a large R&D Centre in Chennai, declared that it has raised and amount of $8.5 million in Series A funding round led by Naya Ventures, with active participation from strategic investors.
Also the firm said it plans to utilize the funding to add 20 more cloud specialists to its existing team of 64 in its Chennai facility by the end of this year (2020).
Also the most recent move will bring Dayakar Puskoor, Managing Director, Naya Ventures, to be part of CoreStack’s Board of Directors.
Additionally the fresh financing round will bring CoreStack’s total funding to $13 million, which will help the company expand its sales and marketing, and accelerated product development in the area of single and multi-cloud enterprise governance solutions.
CoreStack has a robust capacity for raising the growth with the increasing demand for its autonomous, scalable, and profitable cloud governance solution.
Dayakar added that they believe enterprises will keep continuing to invest in multiple clouds, protected with strong governance. CoreStack is driving the marketplace, and they are excited to partner and help build this great enterprise.
Founded in the year 2016 by enterprise cloud veterans Ezhilarasan Natarajan, Sabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB, CoreStack is a venture-backed startup that empowers the enterprises to achieve and gain continuous and autonomous cloud governance at scale.
Furthermore the Series A financing follows a record year of growth for CoreStack, and rapidly growing enterprise clients across the US, Europe, and India.
The company claimed that it made key executive appointments, earning significant market traction with enterprises adopting CoreStack for large scale cloud implementation.
It also said that some of its clients in India and overseas, who are engaged in financial services, healthcare, large IT services, ISVs, and education services, have reported an annual cloud cost savings of around 20-60 percent using the CoreStack solution. All CoreStack products are designed, built, and delivered from its Chennai R&D Center.
Ezhilarasan Natarajan, CEO, CoreStack stated that as enterprises embrace the Cloud as part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, cost, and consumption in a market valued to be $266 billion in the year 2020.