Immuta has raised an additional $100 million in funding from data cloud provider Snowflake’s venture arm and others as the provider of data security and access control prepares to accelerate deployment of its technology across all cloud platforms
The Series E funding was led by venture capital firm NightDragon and also includes new investor Snowflake Ventures, the venture capital arm of the data cloud company. Previous investors also participated in the round, including Dell Technologies Capital, DFJ Growth, IAG, Intel Capital, March Capital, StepStone, Ten Eleven Ventures, and Wipro Ventures.
The latest investment brings the total funds raised by Immuta to $267 million since its founding in 2015.
The Boston-based Immuta is the latest company to use the ongoing RSA cybersecurity conference in San Francisco to announce major new funding this week.
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Among others, cybersecurity vendors Whistic Inc., CybSafe and AppOmni have announced this week new funding rounds respectively of $35 million, $28 million and $70 million.
As for Immuta, it plans to use its new funds for possible acquisitions, R&D, expansion of its sales and marketing teams, and deepening strategic partnerships within the cloud-data ecosystem, the company said in a statement.
In an interview with CRN, Matt Carroll, co-founder and chief executive of Immuta, said “very little” of the firm’s revenues are currently generated via the channel. “Nearly everything has been direct sales,” he said.
But that’s expected to change “ASAP,” said Carroll, noting Immuta plans to “significantly build out” a channel program.
Immuta hadn’t tapped into the channel as yet because the firm needed time to prove its product worked as touted, said Carroll. The company made CRN’s list of the coolest data management and integration companies last year.
Among current users of Immuta’s technology are Mercedes-Benz Group, IAG and the U.S. Army, according to the company.
Carroll envisions his 250-employee company doubling in size over the next two years or so, though he said Immuta plans to be cautious about its spending. There’s a growing possibility of an economic recession, so Immuta needs to be careful about the burn-rate of its funds, Carroll said.
In a press release, Dave DeWalt, founder and managing director at NightDragon, expressed optimism about Immuta’s future.
“As the threat landscape continues to escalate and cloud migration continues, we’re seeing increased global interest in the need for secure data access solutions,” said DeWalt, the former CEO of FireEye, McAfee and Documentum.
“Immuta is the clear market leader in providing secure data access, providing data teams with one universal platform to control access to data at scale.”
In a press release, Carroll said Immuta is responding to a market shift in where data is stored.
“We’ve entered the next wave of the cloud data evolution where automation and security are essential to meeting modern cloud and data demands,” he said. “This new funding will help propel Immuta into our next phase of growth as we continue to revolutionize cloud data access and data security.”