CoreStack, a Seattle- Chennai based, venture-backed, Enterprise-Cloud Governance Technology Startup with R&D Centre in Chennai, recently announced an $8.5 million in Series A Financing round led by Naya Ventures with participation from strategic investors.
With the recent funding, the company plans to add 20 more cloud specialists to its existing workforce of 64 in its Chennai R&D Centre by the end of 2020.
The fresh financing round will bring CoreStack’s total funding to $13 million, enabling aggressive expansion of sales & marketing efforts and accelerated product development in the area of Single and Multi-Cloud Enterprise Governance Solutions. The company also expanded its Board with Dayakar Puskoor, Managing Director, Naya Ventures, joining CoreStack’s Board of Directors.
“CoreStack’s has a huge potential for upward growth, with the increasing demand for their autonomous, scalable, and profitable cloud governance solution,” said Dayakar Puskoor. “We believe enterprises will continue to invest in multiple clouds, protected with strong governance. CoreStack is driving the marketplace, and we are excited to partner and help build this great enterprise.”
The Series A financing follows a record year of growth for CoreStack, and rapidly growing enterprise clients across the US, Europe, and India. The company made key executive appointments, earning significant market traction with enterprises adopting CoreStack for large scale cloud implementation.
The 4-year-old CoreStack’s cloud solution is deployed by several global enterprises to run efficient cloud operations for staying secure and compliant. Clienteles in India and global markets engaged in Financial Services, Healthcare, Large IT services, ISVs, Education services have reported an annual cloud cost savings of 20%-60% using the CoreStack solution. All CoreStack products are designed, built, and delivered from its Chennai R&D Centre.
“As enterprises embrace the cloud as a 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,” said Ezhilarasan Natarajan, CEO, CoreStack. Gartner, predicts the worldwide public cloud service market to grow to $331.2B by 2022.
“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 catalyse our growth milestones. CoreStack team is excited about its future, and anticipates 3x growth in revenues in the next 12 months,” Ezhilarasan added.
Founded in 2016, by Enterprise Cloud veterans – Ezhilarasan Natarajan, Sabapathy Arumugam, Krishnakumar Narayanan, and Thiruvalluvar NB, CoreStack was established with a founding belief – as cloud adoption would witness unprecedented growth in the market, it will create huge governance challenges. CoreStack conception was to help solve this problem with an effective tech-driven strategy.
Gartner has recognized CoreStack both in its Magic Quadrant for Cloud Management Platforms -2020 and Cool Vendors in Cloud Computing -2019. The Company was recently awarded a U.S. Patent on Orchestration of Multiple Cloud Platforms and Services. CoreStack is a Microsoft Azure Gold & Co-sell Partner and Amazon AWS Advanced Technology Partner.
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