Cloud security innovator Orca Security lands $550m funding
Cloud security provider Orca Security has raised $550m in an extended Series C round
Cloud security provider Orca Security has raised $550m (£403m) in an extended Series C funding round, according to a company statement.
The round was led by investment firm Temasek, and has boosted the company’s valuation up to $1.8bn, an increase of 50% in just seven months. Government-backed Temasak has a net portfolio value of $381bn (as of March 2021), with 13 offices in 9 countries globally.
The extended Series C round also includes participation from CapitalG (Alphabet’s independent growth fund), Redpoint Ventures, GGV, ICONIQ Capital and other notable investors.
Adoption of cloud infrastructure services
Cloud security providers have seen an increase in demand over the last 18 months as businesses have relied heavily on digital solutions and security providers. According to research by Gartner, by 2023, “70% of all enterprise workloads will be deployed in cloud infrastructure and platform services, up from 40% in 2020.”
Orca said that it will use the funding towards growing its global network in the APAC region and expanding into new industries such as telecommunications, financial services, transportation and consumer goods.
It also plans to broaden its global presence and workforce and deliver cloud security services to governments and commercial clients.
“Customers are fed up with agent-based tools that claim run-time protection and don’t provide the context security teams desperately need to prioritize critical alerts,” said Avi Shua, CEO and co-founder of Orca Security.
“Our growth is exploding because Orca Security simply works. We provide fast agentless deployment, 100% of all cloud assets, and automatic prioritization of the alerts that demand quick action,” he added.