Israel-based enterprise networking technology producer Cato Networks collected $77m in funding yesterday from a consortium that included Singtel Innov8, the corporate venturing subsidiary of telecommunications firm Singapore Telecommunications.
Venture capital firm Lightspeed Venture Partners led the round, while Aspect Ventures, Greylock Partners, US Venture Partners (USVP) and Cato co-founder and chief executive Shlomo Kramer also participated.
Founded in 2015, Cato provides cloud-based secure access service edge technology that enables enterprise users to securely access data stored across locations globally, including in the cloud and on mobile and internet-of-things devices.
One aspect of the company’s technology is its ability to easily switch on remote data access for employees, a factor that has helped the company build momentum as the Covid-19 pandemic forces an increasing number of staff to work from home.
Shlomo Kramer said: “This round of financing is a testament to the unique value Cato delivers to customers even under the most difficult business conditions. The global pandemic has disrupted business-as-usual and underscored the need for an adaptable infrastructure.
“While many companies struggle to enable work-from-home remote access to all employees, Cato customers only had to flip a switch. That is the power of one converged global network and security platform enabling enterprises to be ready for whatever is next.”
Cato said it has now secured more than $200m in capital to date. Lightspeed led a $55m round for the company in January 2019 that also featured Singtel Innov8, Aspect Ventures, Greylock, USVP, Kramer and Cato co-founder Gur Shatz.
The latter six investors had already supplied $30m in series B funding for Cato in 2016 following a $20m series A round co-led by USVP and Aspect Ventures the previous year.
