Jan 29th 2014, 12:00, by Pankaj Mishra
CloudLock, the enterprise software startup that helps customers secure cloud data, has raised $16.5 million in Series C funding led by Bessemer Venture Partners.
The new funding will be used to expand beyond the two platforms CloudLock currently covers — Salesforce.com andGoogle Apps. This brings the startup’s total funding to $28.2 million. CloudLock’s existing investors Cedar Fund and Ascent Venture Partners also participated in this round.
Over past few years, enterprises globally have been shifting a big chunk of their applications into the cloud. While this shift is triggered by ease of use, billing and overall lower costs of application maintenance, there are dangers of putting data in the cloud, and companies such as CloudLock are addressing this market.
According to Gartner, cloud-based security market will be worth $3.1 billion by 2015, up from $2.1 billion in 2013.
Founded in 2007 by Gil Zimmermann, a former entrepreneur-in-residence at Cedar Fund, CloudLock offers solution that goes beyond just data encryption.
“We grew our subscription base over 10x in the past 24 months, and now have 600 paying customers, covering over many millions of their employees,” said Gil.
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