The funds will be used to expand their R&D centre based in Chennai which is where all the company’s products are designed, built, and delivered.
The fresh financing round will bring CoreStack’s total funding to $13 million. The company plans to add 20 more cloud specialists to its existing workforce of 64 in its Chennai R&D centre by the end of 2020. In addition, it will look at aggressive expansion of sales and marketing efforts and accelerated product development in the area of Single and Multi-Cloud enterprise governance solutions.
“CoreStack has a huge potential for upward growth, with the increasing demand for their autonomous, scalable, and profitable cloud governance solution,” said Dayakar Puskoor, Managing Director, Naya Ventures who is joining CoreStack’s Board of Directors. “We believe enterprises will continue to invest in multiple clouds, protected with strong governance. CoreStack is driving the marketplace, and we are excited to partner and help build this great enterprise.”
The four-year-old CoreStack’s cloud solution is deployed by several global enterprises in India and global markets. These enterprises are engaged in financial services, healthcare, large IT services, ISVs, education services who have reported an annual cloud cost savings of 20%-60% using their solution.
“As enterprises embrace the cloud as a part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, cost, and consumption in a market valued to be $266 billion in 2020,” said Ezhilarasan Natarajan, CEO, CoreStack. He said the the company expects a 3x growth in revenues in the next 12 months.