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BENGALURU: Cloud governance software provider, CoreStack, on Wednesday said it has raised $30 million as a part of its Series B funding round led by Avatar Growth Capital.

Existing investors including Dallas Venture Capital (DVC), Iron Pillar, and other angel investors also participated in round.

With this round, CoreStack has raised $45 million in overall equity funding till date.

According to the company, it will use the funds to focus on growth and innovation across Artificial Intelligence-powered autonomous cloud governance. The company will also look at making strategic headways with expansion into new markets.

"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," said Ezhilarasan Natarajan, chief executive officer (CEO) at CoreStack.

As a part of the current raise, Avatar Growth Capital’s managing director Abhay Havaldar will join CoreStack’s board of directors.

“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 in order to get the best out of their cloud deployments," said Havaldar, in a company statement.

Enterprise customers leverage CoreStack for their cloud governance and compliance needs, as prerequisites for broader, large scale cloud adoption and migration.

"VC business is all about doubling and tripling down on your winners. And that is precisely what Iron Pillar has done with CoreStack’s latest $30 million financing. CoreStack epitomises the ideal portfolio company for our fund — a fast growing startup, with a focus on the massive cloud market, offering a highly differentiated product, led by a world class team, and loved by its growing list of 100+ enterprise customers. Humbled and honored to be part of the CoreStack journey," said Mohanjit Jolly, partner, Iron Pillar.

 

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