Avatar Growth Capital led B Series funding for the cloud governance platform
CoreStack, a global multi-cloud governance SaaS provider from Bellevue, Washington, with Chennai office, said the recently closed US$30 million Series B funding will help continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale. It will also make strategic headway with expansion into new markets.
The Series B round was led by Avatar Growth Capital, with continued participation from Dallas Venture Capital (DVC), Iron Pillar, and other angel investors. This brings CoreStack’s total funding to US$45 million, following its Series A in March 2020, underscoring the growing enterprise demand for multi-cloud governance solutions.
Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack’s Board of Directors, upon required legal clearances.
“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 is able to provide, and we’re truly impressed with the leadership team and the progress the company has been able to make,” said Havaldar.
“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,” he said.
CoreStack’s proactive approach to AI-powered cloud native governance utilizes a unique cloud-as-code approach, orchestration frameworks, deep AI/ML and patented connector-less model.
“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 cloud through governance across compliance, security, operations, cost and consumption,” Ezhilarasan Natarajan, CEO of CoreStack, said in a release on 25 Nov 2021.
“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. We are excited to expand our footprint of over US$1 billion in cloud governed through CoreStack, and relentlessly pursue our goal of becoming the benchmark technology that customers trust.”
The Series B financing is a result of CoreStack’s significant advances in product innovation, remarkable customer growth and partnerships with Amazon AWS, Microsoft Azure and Google Cloud.
Despite the pandemic, CoreStack saw significant acquisition of new customer logos, along with key executive appointments and continued adoption at large enterprises. CoreStack is a Google Cloud Build Partner, Microsoft Azure Gold & Co-Sell Partner and Amazon AWS Advanced Technology Competency Partner.
Avatar Growth Capital is a specialist and thematic private equity firm investing in high-growth technology and software companies that are leveraging India to drive global digital transformation.
CoreStack, an AI-powered next generation multi-cloud governance solution, empowers enterprises to unleash the power of cloud on their terms by helping them rapidly achieve continuous and autonomous cloud governance at scale. CoreStack enables enterprises to realize outcomes across FinOps, SecOps and CloudOps, such as 40% decrease in cloud costs and 50% increase in operational efficiencies by governing operations, security, cost, access and resources. #technology #investment /fiinews.com
