US-based cloud application security technology provider Elastica closed a $30m series B round today backed by investors including telecommunications network Telstra.
Third Point Ventures, the venture capital arm of hedge fund Third Point, led the round, which also featured venture capital firms Mayfield Fund and Pelion Venture Partners.
Founded in 2012, Elastica has developed a platform that provides businesses with a range of security services for their cloud apps and services. It will use the funding to support expansion by increasing its sales, engineering, marketing and research teams.
The round took Elastica’s total funding to $54.6m in equity and $500,000 in debt, according to regulatory filings. Mayfield Fund invested $6.3m in Elastica in 2012.
Rehan Jalil, Elastica’s chief executive, said: “While cloud apps are increasingly essential for business agility and IT cost effectiveness, they have inherent information exchange and collaboration capabilities that require a new kind of security.
“Our unique data science technology that delivers effective security across cloud application and services has positioned us to lead the cloud app security category. New financing will further fuel our growth. ”