CoreStack Closes $30 Million Series B Funding Round
CoreStack, an AI-powered multi-cloud governance SaaS provider, has raised $30 million Series B funding led by Avatar Growth Capital. The funding round also witnessed continued participation from Dallas Venture Capital (DVC), Iron Pillar, and other angel investors.
As per the company, the funding will help CoreStack 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.
CoreStack | AI-powered Multi-cloud Governance Solution
Co-founded by Sabapathy A (Saba), Thiruvalluvar NB (Thiru), Ezhilarasan Natarajan (EZ), and Krishnakumar Narayanan (KK), CoreStack is an AI-powered multi-cloud governance solution that empowers enterprises to unleash the power of cloud by helping them rapidly achieve continuous and autonomous cloud governance at scale.
CoreStack enables enterprises to realize outcomes across FinOps, SecOps and CloudOps, such as a 40% decrease in cloud costs and a 50% increase in operational efficiencies by governing operations, security, cost, access, and resources.
Speaking on the development, Ezhilarasan Natarajan, Co-founder and CEO of CoreStack, added,
”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.”
Despite the pandemic, the company saw the significant acquisition of new customer logos, along with key executive appointments and continued adoption at large enterprises.
As per CoreStack, this Series B funding is a result of CoreStack’s significant advances in product innovation, remarkable customer growth, and partnerships with Microsoft Azure, Amazon AWS, and Google Cloud.
This funding round brings CoreStack’s total funding to $45 million, following its Series A funding round in March 2020. Additionally, upon required legal clearances, Abhay Havaldar (Avatar Growth Capital Managing Director) will join CoreStack’s board of directors.
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