- Seattle-based venture-backed startup CoreStack announced it raised $8.5 million in Series A funding led by Naya Ventures
CoreStack — a Seattle-based venture-backed startup that empowers enterprises to achieve continuous and autonomous cloud governance at scale — announced it raised $8.5 million in Series A funding led by Naya Ventures along with participation from other strategic investors.
This funding round will bring CoreStack’s total funding to $13 million and will help the company aggressively expand its sales and marketing efforts as well as accelerate product development. Naya Ventures Managing Director Dayakar Puskoor is joining CoreStack’s Board of Directors.
The Series A funding round follows a record year of growth for CoreStack, which saw a rapidly expanding roster of enterprise clients across U.S., Europe, and India, key executive appointments, and significant market traction with enterprises adopting CoreStack as Governance landing zone for large scale cloud adoption.
“CoreStack’s offering is well-timed with the rapidly increasing demand for enterprise cloud governance,” said Puskoor, Managing Director of Naya Ventures. “We believe enterprises will continue to ensure that their increasing investment in multiple clouds is protected with strong governance. The company has made impressive strides in the marketplace and we are excited to partner with CoreStack in their journey as they continue building a great company.”
CoreStack is known for enabling enterprises to continuously and autonomously keep their cloud infrastructure compliant with industry standards and regulations while providing a significant boost in IT operational efficiencies. And customers typically see annual cloud cost savings of between 20% and 60% when they use the CoreStack Cloud Governance solution.
CoreStack’s compliance with automatic issue resolution for industry standards and regulatory frameworks like FedRAMP, NIST, HIPAA, ISO, PCI DSS, AWS WAF, Azure CIS, and AWS CIS. And the centralized view of multiple cloud accounts and their access by user and cloud service combined with intelligence on how the access is utilized and identifying and fixing violations automatically. Plus it offers Cloud Ops automation using operational guardrails for monitoring, alerts, backups, resource locks, activity, and logging along with the overall cloud spend visibility and enterprise-level budget controls, spend tracking, and identification of potential cost-saving opportunities.
“As enterprises rapidly embrace cloud as a part of their digital transformation initiatives, there is an increasing need for continuous and autonomous governance across compliance, security, operations, cost and consumption,” added Ezhilarasan Natarajan, CEO of CoreStack. “We’re at the cutting edge of this innovation, as has been substantiated by recent recognitions by Gartner, but we fully recognize we can’t do this alone. The financial partnership and enterprise expertise of Naya Ventures as well as the continued support of Z5 Capital and other investors will immensely help to accelerate the execution of our vision. We’re beyond thrilled and I join the entire CoreStack team in warmly welcoming Naya Ventures on board.”
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