CoreStack, a global multi-cloud governance software as a service (SaaS) provider, announced a US$30 million Series B funding round led by Avatar Growth Capital, with continued participation from Dallas Venture Capital (DVC), Iron Pillar, and other angel investors. This brings CoreStack’s total funding to US$45 million, following its Series A funding round in March 2020, underscoring the growing enterprise demand for multi-cloud governance solutions.
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. Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack’s Board of Directors, upon required legal clearances.
“CoreStack’s unique and innovative end-to-end cloud governance platform is a trailblazer in the industry,” said Abhay Havaldar, managing director of Avatar Growth Capital. “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. CoreStack’s holistic approach to cloud-native governance is the missing link that enterprises need to get the best out of their cloud deployments. We are excited to partner with CoreStack in its mission to help its rapidly growing customer base maximize their ROI [return on investment] on cloud.”
CoreStack’s proactive approach to AI-powered cloud native governance utilizes a unique cloud-as-code approach, orchestration frameworks, deep AI/ML, and a patented connector-less model. “Adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic,” said Ezhilarasan Natarajan, CEO of CoreStack. “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 more than US$1 billion in cloud governed through CoreStack, and relentlessly pursue our goal of becoming the benchmark technology that customers trust.”
The Series B financing is a result of CoreStack’s significant advances in product innovation, customer growth, and partnerships with Amazon AWS, Microsoft Azure, and Google Cloud. Despite the pandemic, CoreStack 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.
