DataCloak Completed Series B of 28 Million US Dollars Financing to Accelerate the Integration of Data-oriented Zero-Trust Network Security Architecture
DataCloak announced earlier today that they had raised $28 million via Series B funding. This round of financing was led by GL Ventures, and was closely followed by GSR Ventures as the co-investor. Long-standing shareholders, e.g., MatrixPartners China and Jeneration Capital increased their claims on the company’s stock, while Index Capital acts as the exclusive financial advisor. The sustainable top VC investment not only reflects the value attributed to enterprise-oriented services and the competitive Zero Trust sub-sector by the capital market, but also the level of faith placed by the investors on one of the sector’s players — DataCloak, or in particular, its team, technologies, and capacity of commercialization. The funds raised will be primarily used for higher spending on R&D, talent introduction, and market development to expedite commercialization based on a well-organized product matrix.
DataCloak was founded in June 2018, and has since developed into a leader in security technology and innovation. In contrary to conventional security service providers, DataCloak emphasizes the use of lightweight confidential computing technology, adheres to the Zero Trust philosophy, and takes the viewpoint of security and infrastructure to offer data-oriented next-generation cybersecurity architecture solutions to enterprises. Since the advent of its commercialization back in early 2020, DataCloak has served dozens of enterprise clients from various lines of business, e.g., finance, high-end manufacturing, Internet, and professional services. Owing to the company’s outstanding performance in technology and innovation, as well as product competitiveness and marketization, numerous influential awards have been secured in 2020 alone, to name a few, the Top 50 Chinese Innovative Enterprises with Cybersecurity Competence, CCIA Promising Star, and 2020 Top 50 Most Innovative Companies in China (MIC50) by Fast Company. These awards are indicative of the level of recognition DataCloak has earned in the industry and market.
With regards to this round of financing, Huang Liming, Partner as well as Software and Hardware Technology Director of GL Ventures, said
"Protection of data security plays a pivotal role in unleashing the potential of data and promoting business development in modern enterprises. Under the leadership of the founder Liu Chao, DataCloak has grown into a remarkable team with a deep-seated aspiration for product originality, which engages in unfaltering pursuit of cutting-edge technology. Renowned for flexible and well-organized deployment, its products have won a hefty amount of market trust. GL Ventures have confidence in DataCloak. As a top player in Zero Trust security, it will keep creating value through technology and innovation to reassure Chinese enterprises with regard to security."
In this regard, Zhang Yutong, Managing Partner of GSR Ventures, commented
"DataCloak provides a secure digital working space for all employees. Geared to the trends of enterprise telecommuting, business outsourcing and digital transformation, it well cures one of the pain points of Chinese enterprise clients — data privacy and protection. By means of the AI-driven Zero Trust security gateway, it builds a dynamic system of inside/outside overall identity and access control for clients. Both renewal of contracts and escalation in sales are corroborating evidence of the client’s approval for DataCloak's products. Thus, from the standpoint of GSR Ventures, DataCloak has great prospects for becoming a leading global security service provider."
Zhang Ziquan, Partner of Jeneration Capital, placed high expectations on DataCloak
"In the digital era, which features increasingly more open network environment and security perimeter, Jeneration Capital have resolute faith in DataCloak's Zero Trust security products, in particular the long-term value gained from corporate data asset protection. Over the past year, Jeneration Capital had the privilege to witness DataCloak's outstanding achievements in product R&D, application scenario expansion, strategies for the vertical industry, team building, etc. Mr. Liu directed the team to set high bars in Zero Trust technology, product and data accumulation step by step. It's pleased to join hands with Datacloak to go deeper in innovation practice for data security."
With gratitude, DataCloak Founder & CEO Liu Chao said
"The recognition and support of investors and clients are very much appreciated, with which DataCloak shall aim at and strive toward reassuring the safety of enterprises throughout their digitization, as well as providing them the luxury of a secure system, anytime and anywhere. Technology and innovation form the company’s basis at all times. After this round of financing, DataCloak will remain invested in R&D and improve product functions and matrices, so as to provide better technologies and products for the clients."
Following the development and application of such technologies as 5G, cloud computing, AI and edge computing will be the ubiquity of computation and data. As dependency on data is growing in corporate operations, enterprises will see IT capabilities as the core edge. Enterprises are thirsty for security infrastructure upgrades to accommodate the circumstances in the cloud era, protect relevant digital assets and safeguard business continuity. As a consequence of unleashing data potential, the enterprises will raise their core competence. Catering to the preceding needs, Zero Trust proposed as a groundbreaking idea and thought is intended to address security problems in an open network environment. Targeting the enterprise demand for full-life-cycle security of data, DataCloak has devised a mind-blowing implementation program, starting from the underlying structure. Based on the program, it delivered HyperCloak® Enhanced Zero Trust Security Framework in September 2020. As China's first Zero Trust security framework, HyperCloak® can help enterprises perform a stepwise upgrading of their existing IT infrastructure into new Zero Trust network security architectures that are characterized by full coverage, flexible deployment, user-friendliness, and outstanding performance.
So far, DataCloak has unveiled two relevant products, including the Zero Trust Endpoint Secure Workspace (DACS) and Zero Trust Application Access Gateway (DAAG). Applicable to a broad range of scenarios, e.g., secure enterprise telecommuting, R&D coding protection, outsourcing staff management, BYOD endpoint device leak prevention, organization and cooperation, network invisibility, uniform identity authentication, uniform authority management, etc., both products play a conducive part in the implementation of cybersecurity and information security protections in enterprises.
DataCloak is committed to increasing its R&D investment for accelerating product upgrading, using more complete product matrices, developing copious solutions, and providing the ultimate product experience, so as to help enterprises acquire better IT system capabilities, allowing them to unleash their businesses and data potentials, as well as to move into the fast lane of development against the backdrop of the digital economy and cloud era.
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