Bitglass Secures $45 Million in Series C Funding

Bitglass, Inc., a data protection company, raised $45 million in series C funding.  

In addition to new investor Future Fund, existing investors New Enterprise Associates (NEA), Norwest Venture Partners, Singtel Innov8 Pte. Ltd. and others participated.

The round brings Bitglass’ total funding to $80 million.

The company will use the investment to fuel its expansion in the U.S., EMEA and APAC regions.

“Bitglass has all the ingredients for a lasting independent company – growing market, breakthrough technology and strong management team,” said Scott Sandell, managing general partner, NEA.

Cloud applications are now used in more than 59% of organizations worldwide for document editing, enterprise messaging, storage, CRM and more.

Bitglass recently surveyed more than 100 IT executives at the Gartner Symposium/ITxpo on their public cloud strategy.

Respondents shared interesting insights on their current deployments
and plans for 2017:
    •    22% plan to decrease spending on on-premises security infrastructure from Palo Alto, Cisco and Symantec. Nearly one in five have already decreased their spending on legacy security tools for their cloud application deployments.
    •    Today 1 in 3 organizations are cloud only or cloud first.
    •    82% of organizations have at least two cloud apps deployed. More than half of respondents have more than four sanctioned apps deployed.
    •    More than one in four cited unmanaged device and external sharing control as the most desired capability in 2017.

Since inception in 2013, Bitglass has experienced customer growth – particularly in regulated industries, including healthcare, financial services, and life sciences.

Th firm enables security-conscious organizations to safely enable secure BYOD and adopt cloud-based applications such as Google’s G Suite, Microsoft Office 365, Box, Slack, Salesforce and more.

The total data protection suite provides end-to-end security and visibility over corporate data on any device, anywhere.

“Cloud and mobile are driving business data beyond the firewall, introducing new security and compliance risks,” said Nat Kausik, CEO, Bitglass. “Bitglass uniquely delivers real-time inline data protection in the cloud, at access, and on any device. This funding is testimony to our strong position in the market and fiscal health.”