Software-as-a-Service (SaaS) startup CoreStack has announced a $30 million Series B fundraise led by Avatar Growth Capital, with 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 round in March 2020, underscoring the growing enterprise demand for multi-cloud governance solutions.
CoreStack aims to utilise the funding to continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale, while also making strategic headway with expansion into new markets.
Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack's board of directors on completion of legal formalties, the start-up said.
"CoreStack's unique and innovative end-to-end cloud governance platform is a trailblazer in the industry. The rapid adoption of CoreStack by enterprises endorses the transformative value that the solution is able to provide, and we're truly impressed with the leadership team and the progress the company has been able to make," Abhay Havaldar, Managing Director of Avatar Growth Capital, said.
He added that the SaaS platform provides the missing link to the enterprises in order to get the best out of their cloud deployments.
As per CoreStack CEO Ezhilarasan Natarajan, adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic. 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 thrilled that we can further expand and innovate, thanks to the new partnership with Avatar Growth Capital, as well as the continued support of our existing investors. 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," Natarajan said.
Despite the pandemic, CoreStack said that it saw significant acquisition of new customer logos, along with key executive appointments, and continued adoption at large enterprises. CoreStack is a Google Cloud Build Partner, Microsoft Azure Gold & Co-Sell Partner, and Amazon AWS Advanced Technology Competency Partner.
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