Accel backs cloud analytics company Netskope in $35m financing round


server_lrgAccel Partners has led a $35m financing round for cloud app analytics and policy enforcement business Netskope.

Existing backers Lightspeed Venture Partners and The Social+Capital Partnership also took part in the round, with the funding earmarked to accelerate research and development, sales, support and marketing efforts.

Accel partner Eric Wolford will join the Netskope board following the investment, which brings the total invested in the company to $56.4m.

He said, “Shadow IT is big and growing fast, with IT leaders discovering cloud usage 10 times greater than what they had thought or approved.

“While a significant threat to the business, Shadow IT represents a huge opportunity to propel the business forward and to gain significant IT leverage.

“Rather than clamping down, IT can embrace this trend by using Netskope to provide transparently the real time visibility, security and compliance requirements the business demands of all applications.

“Large customers told us repeatedly that Netskope is the leader in this fast growing market due to its ease of use and comprehensive and highly scalable approach.

“There’s a tremendous market opportunity present as IT adapts to the cloud app economy, and Netskope is ideally positioned to seize it.”

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