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Chennai-based enterprise-cloud governance technology startup CoreStack has secured $8.5 million in series A round funding from Naya Ventures in participation with strategic investors.
In a statement issued, CoreStack said, “It will use fresh round funding for the expansion of its workforce in R&D centers, expansion of sales and marketing, and product development in the area of single and multi-cloud enterprise governance solutions.”
Speaking on the investment in CoreStack, Dayakar Puskoor, Managing Director of Naya Venture, who will also join the board, said, “CoreStack’s has a huge potential for upward growth, with increasing demand for their autonomous, scalable, and profitable cloud governance solution.”
“We believe enterprises will continue to invest in multiple clouds, protected by strong governance. CoreStack is driving the marketplace, and we are excited to partner and help build this great enterprise,” he said.
Founded by Enterprise Cloud veterans – Ezhilarasan Natarajan, Sabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB in 2016. CoreStack provides cloud-based solutions for global companies to run efficient cloud operations for staying secure and compliant.
Commenting on the Fundraise, Ezhilarasan Natarajan, Founder & CEO, CoreStack said, “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 2020.”
“We’re at the cutting edge of a novel cloud governance innovation, validated with recent recognition by Gartner. The financial partnership and enterprise expertise of Naya Ventures, combined with Z5 Capital including our strategic investors, will further catalyze our growth milestones. CoreStack is excited about its future, and anticipates 3x growth in revenues in the next 12 months,” he said.