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Elastica is scored $30m to expand sales and marketing efforts behind its cloud security services

Elastica is scored $30m to expand sales and marketing efforts behind its cloud security services

Cloud security provider Elastica has secured $30m in series B funding, a year after the firm exited stealth mode and announced its first investment round.

Robert Schwartz from Third Point Ventures, one of the investors participating in the latest funding round, joined the Elastica board.

The company offers what it calls a CloudSOC (security operations centres) for enterprises, which helps secure cloud apps either deployed by the organisation or brought in through the back door by employees (Shadow IT) by using machine learning algorithms to detect anomalous behaviour and proactively mitigate potential threats, and implement granular security policies in real time.

Its offering is similar in terms of capabilities to services provided by Bitglass, Wandera and Adallom. The company said it plans to use the latest round of funding to bolster its marketing and sales efforts.

“While cloud apps are increasingly essential for business agility and IT cost effectiveness, they have inherent information exchange and collaboration capabilities that require a new kind of security,” said Rehan Jalil, chief executive officer of Elastica.

“Our unique data science technology that delivers effective security across cloud application and services has positioned us to lead the cloud app security category. New financing will further fuel our growth,” Jalil said.

In February last year, when the firm exited stealth, it secured $6.3m from a range of investors, and the company said it has successfully maintained strong momentum in the increasingly competitive SaaS security market since. This past year the company said it has added over 275 enterprises as clients and has opened new offices in APAC, Europe and Canada.