Avatar Growth Capital led the Series B fundraise, with participation from Dallas Venture Capital DVC Iron Pillar, and other angel investors. This brings CoreStack's total funding to $45 million, following its Series A round in March 2020, underscoring the growing enterprise demand for multi-cloud governance solutions.
CoreStack hopes to make strategic headway with expansion into new markets with funding to continue its rapid growth and innovation with its AI-powered continuous and autonomous cloud governance at scale.
Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack's board of directors on completion of legal formalties, the start-up said.
CoreStack's unique end-to-end cloud governance platform is a trailblazer in the industry. Abhay Havaldar, Managing Director of Avatar Growth Capital, said that the rapid adoption of CoreStack by enterprises supports the transformative value that the solution can provide, and we're impressed with the leadership team and the progress the company has been able to make.
Adoption of enterprise cloud solutions has seen a huge increase post-pandemic, according to CoreStack CEO Ezhilarasan Natarajan. CoreStack is leading the way in helping these companies unleash the power of cloud through governance across compliance, security, operations, cost, and consumption.
We are thrilled that we can expand and innovate thanks to the partnership with Avatar Growth Capital, as well as the continued support of our existing investors. Natarajan said that we are excited to expand our footprint of over $1 billion in cloud governed by CoreStack and continue to pursue our goal of becoming the benchmark technology that customers trust.
Despite the Pandemic, CoreStack said it saw significant acquisition of new customer logos, along with key executive appointments, and continued adoption at large enterprises. CoreStack is a Google Cloud Build Partner, Microsoft Azure Gold Co-Sell Partner and Amazon AWS Advanced Technology Competency Partner.