Aqua Security, an Israel-based cybersecurity technology developer that counts software provider Microsoft as an investor, completed a $30m series D round on Wednesday led by venture capital firm Greenspring Associates.
Growth equity firm Insight Partners and VC firms Lightspeed Venture Partners and TLV Partners also took part in the round, which hiked the company’s total funding to more than $130m.
Founded in 2015, Aqua has built a cloud-native software product that helps enterprises automate security for their applications. It has more than 400 customers and said it has doubled both staff numbers and revenue over the past year.
M12, the corporate VC subsidiary of Microsoft then known as Microsoft Ventures, led Aqua’s $9m series A round in 2016. It was joined by TLV Partners and Shlomo Kramer, the two investors that had supplied $4.5m for the company the previous year.
Lightspeed Venture Partners led a $25m series B round for Aqua in 2017 that included all three series A investors, before all four returned for its $62m series C in April 2019.
Aqua’s co-founder and chief executive, Dror Davidoff, said: “We are seeing customers continuing their move towards cloud-native technologies, often accelerating deployments as a way to enhance their agility in these unpredictable times.
“Security remains a key enabler of these initiatives, and with this significant new investment from Greenspring Associates, I feel confident in our ability to drive further innovation across our product portfolio and sustain the competitive advantage we have worked hard to establish.”
