Los Angeles-based cloud security provider Orca Security has landed a $ 210 million C Series; giving it a $ 1.2 billion valuation and raising the total amount of the company built in the last 10 months to $ 285 million.
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The new round was led by Alphabet’s growth fund, CapitalG, and Redpoint Ventures.
Series C comes just over three months after Series B closed $ 55 million, and 10 months after Series A. closed.
Avi Shua, co-founder and CEO of Orca, said it was just a matter of seeing an explosive market and wanting to take advantage of a “unique opportunity,” as more companies look to machine security to keep assets safe in the cloud.
“It’s only been a few months (from Series B), but a lot has happened,” he said. “Everyone is moving to the cloud. We need to go faster. ”
Protecting the cloud
Orca’s native cloud solution reads a company’s cloud configuration and can detect malware, misunderstandings and other vulnerabilities. The platform is compatible with major public clouds such as AWS, Microsoft Azure and Google Cloud Platform.
Cloud security has become a hot commodity as more enterprises move to the cloud – especially during the pandemic when workers become more dispersed and therefore vulnerable to attacks.
“We understand that security is of paramount importance,” said Gene Frantz, a general partner at CapitalG. “Especially with companies that recognize the old devices they won’t work in the cloud.”
The company ended last year overcoming its aggressive forecast with growth of more than 1,000 percent, Shua said. Orca has grown its workforce in the past year from 20 people to more than 90, he said.
Even with that growth, Orca had barely touched the money from the previous round. Now with the larger warchest the company can go even faster, Shuia said.
Orca plans to expand the direct tokens it sells and also expand internationally; reaching further into both Europe and Asia Pacific, he said.
Big money
While Orca has raised huge sums of money, other cybersecurity players have spent huge sums of money competing in the cloud space. Cybersecurity giant Palo Alto bought Redworks Networks for $ 173 million in 2018 and went on to acquire Twistlock for $ 410 million and PureSec for an undisclosed sum last year. Last April, Rapid7 bought cloud security mailing company DivvyCloud for approximately $ 145 million.
Shua said unlike those companies that have implemented solutions for sale into the market, Orca was built for the cloud and customers will be able to see the difference.
Frantz said he sees the Orca market as possibly the largest in cybersecurity and has no doubt what the future might hold for the company.
“The market is so big,” he said. “Orca could not introduce new products and remain a large public company. It’s so big. ”
Photo: Dom Guzman
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