CoreStack, a global multi-cloud governance SaaS provider, said it has raised a $30 million Series B funding round 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 $45 million, following its Series A in March 2020, underscoring the growing enterprise demand for multi-cloud governance solutions.
The funding will help CoreStack continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale. It would also help it in making strategic headway with expansion into new markets.
“The rapid adoption of CoreStack by enterprises endorses the transformative value that the solution is able to provide,” said Abhay Havaldar, Managing Director of Avatar Growth Capital.
Ezhilarasan Natarajan, CEO of CoreStack, said adoption of enterprise cloud solutions has witnessed a massive uptick post pandemic. He said CoreStack is leading the way in helping these companies unleash the power of cloud through governance across compliance, security, operations, cost, and consumption.
“We are excited to expand our footprint of over $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.