Cloud-native security provider Aqua Security has secured $60 million in funding in an extension of its Series E round, achieving a valuation above $1 billion.
With this addition, the company has raised $325 million since its founding in 2015, Aqua Security said in a Wednesday (Jan. 3) press release.
“Investors continue to appreciate Aqua’s enormous potential, and the surging demand for our solution,” Dror Davidoff, co-founder and CEO of Aqua Security, said in the release.
Since the company’s founding eight years ago, Aqua Security’s solutions have been adopted by more than 500 enterprise companies worldwide, including 40% of the Fortune 100 companies, according to the release. Its customers include six of the top 10 banks in North America.
During 2023, Aqua Security saw a 65% increase in new business, the release said.
“Eight years ago, we envisioned a world where all new applications would be built native to the cloud,” Davidoff said in the release. “Today we are here in a market we pioneered with a purpose-built solution to protect customers’ digital transformations.”
The company’s latest funding was led by new investor Evolution Equity Partners, with participation from existing investors Insight Partners, Lightspeed Venture Partners and StepStone Group, per the release.
“Aqua Security has built an innovative cloud security solution that solves the growing challenge of stopping cloud-native attacks,” Yuval Ben-Itzhak, general partner at Evolution Equity Partners, said in the release. “Given the increasing adoption of cloud-native applications across enterprises, Aqua’s growth trajectory is a rocket ship.”
PYMNTS Intelligence has found that 51% of banks moving toward cloud technology are doing so to strengthen cybersecurity.
Thirty-nine percent hope to improve their fraud detection, and 34% aim to improve claims management, according to “Tapping the Cloud for Accelerated Banking Innovation,” a PYMNTS and NCR collaboration.
In another recent development in the cloud security space, SentinelOne and Pax8 expanded their partnership in November to deliver more artificial intelligence (AI)-powered security solutions to small and medium-sized businesses (SMBs).
With this expanded relationship, the companies will provide more endpoint, identity and cloud security offerings to SMBs, helping them detect and prevent cyberattacks.