Cloud Security Startup Palerra Adds $17 Million In Series B Financing
Santa Clara, California-based cloud security startup Palerra has secured $17 million in Series B financing, bringing its total funding raised to $25 million.
New investor August Capital led the Series B financing round, with participation from current investors Engineering Capital, Norwest Venture Partners (NVP) and Wing Venture Capital.
In addition, August Capital General Partner Vivek Mehra has joined Palerra’s board of directors, which includes NVP Senior Managing Partner Promod Haque, Wing Partner Gaurav Garg and Robert Lentz, former chief information security officer for the U.S. Department of Defense.
Palerra said it plans to use the financing to increase its sales and marketing efforts and bolster its LORIC threat detection and predictive analytics platform.
“The funding allows Palerra to invest in richer tools and better insights to service our customers; additionally, it gives us the ability to expand market coverage allowing us to support customers globally,” a Palerra spokesperson told Talkin’ Cloud.
LORIC gives enterprises “threat visibility, sustainable compliance and actionable incident response for their entire cloud footprint,” according to Palerra. The platform supports several cloud services as well, including:
Palerra CEO Rohit Gupta added that LORIC enables enterprises to take a “new approach” to cyber threats and “meet these threats head on.” He also noted that the platform “underscores [his company’s] commitment to deliver the most powerful cloud security solution in the industry.”
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Demand for cloud security solutions is expected to rise over the next few years as well. A Dec. 2014 study from Talkin’ Cloud 100 honoree IBM (IBM) revealed nearly 90 percent of IT security leaders have adopted the cloud or are currently planning cloud initiatives. And of these respondents, 75 percent said they expect their cloud security budgets to increase or increase dramatically over the next three to five years.
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