Agari, a US-based email security platform developer backed by computing equipment producer Dell, has secured $40m in a series E round led by investment banking firm Goldman Sachs’ Growth Equity unit.
The round also featured existing investors in Agari including venture capital firms Norwest Venture Partners, Scale Venture Partners, Battery Ventures, Greylock Partners, First Round Capital and Alloy Ventures, and it took the company’s overall funding to $88m.
Agari has created cloud-native software that utilises predictive artificial intelligence technology to prevent email-based attacks. The funding will go to growth in Europe and Asia as well as the strengthening of its Identity Intelligence technology.
Ravi Khatod, Agari’s chief executive, said: “The sophistication of attacks and rapid migration to cloud-based email has disrupted the multi-billion dollar email security market and Agari is the only cloud-native solution proven to stop these attacks at enterprise scale.
“This investment led by Goldman Sachs will fund a new, critical growth phase for Agari, as we deepen our product, data science, and go-to-market investments to deliver success to every Agari customer and partner globally.”
Dell’s corporate venturing subsidiary, Dell Technologies Capital, lists Agari as a portfolio company but the unit’s investment came prior to its emergence from stealth in May 2017.
The company raised $22m in a mid-2016 series D round led by Norwest Venture Partners that included all its existing investors, having received $15m in a series C featuring Scale Venture Partners and earlier backers Alloy Ventures, Battery Ventures and First Round in 2014.