Iron Pillar makes maiden investment in CoreStack from new fund1 min read . Updated: 02 Dec 2020, 10:14 PM IST
CoreStack enables enterprises to securely and autonomously keep their cloud infrastructure compliant with industry standards and regulations while boosting operational efficiencies and reducing costs
Bengaluru: Venture growth investor Iron Pillar has invested $4 million in cloud governance and compliance SaaS startup CoreStack, which is based in Seattle with development in Chennai, from its Fund II.
The new fund is targeting growth stage cloud software companies.
CoreStack had raised $8.5 million in Series A funding in March led by Dallas Venture Capital (DVC) with participation from Jim Dubois, former Microsoft CIO and Abidali Neemuchwala, former Wipro Ltd CEO.
CoreStack will use the funds for continued market expansion.
CoreStack enables enterprises to securely and autonomously keep their cloud infrastructure compliant with industry standards and regulations while boosting operational efficiencies and reducing costs.
Enterprise customers leverage CoreStack for their cloud governance and compliance needs, as pre-requisites for broader, large scale cloud adoption and migration.
Ezhilarasan “EZ"Natarajan, founder and CEO CoreStack said "Over the past couple of years, CoreStack has delivered needle-moving value to enterprise companies. Customers see consistent outcomes such as 50% improvement in cloud operational efficiencies, 100% compliance to standards and 40% savings in cloud costs. Iron Pillar came along as the perfect partner to help us expand globally, not only by way of expanded investment interest to Series-A financing, but more importantly by way of introduction to customers, partners and advisors."
Mohanjit Jolly, partner at Iron Pillar said, “We are thrilled to be investing in CoreStack, that has built and delivered world class cloud governance and compliance solutions to a discerning global customer base. To see a company get the sort of traction that CoreStack has, and that too with relatively little capital, is truly rare in the SaaS world. The company is at the leading edge of the cloud-based digital transformation movement that has been accelerated in 2020. The Iron Pillar team looks forward to working closely with CoreStack management and existing investors in creating a differentiated cloud software unicorn."