DataCloak Raises $50M in Series B+ Funding Led by Tiger Global
Sep. 30, 2021 – Zero Trust security startup DataCloak inc. today announced a $50 million Series B+ funding round. The round is led by Tiger Global and is also supported by Hillhouse capital, Matrix Partners China, Jeneration Capital and GSR Ventures.
The latest funding comes just nine months after a round B fundraising of $28 million which led by Hillhouse capital, and followed by GSR ventures, Matrix Partners China and Jeneration capital. Thanks to the leading product and technology advantages in the field of zero trust security and rapid commercialization verification progress, DataCloak won the favor of top capitals. By the end of August 2021, the core operation metrics, such as ARR, retention rate, number of contracted customers and sales volume, had greatly exceeded the expectation. Since the establishment of the company in June 2018, DataCloak has completed four rounds of financing, with a total amount of nearly US $100 million.
"The concept of zero trust is based on the assumption that threats exist everywhere and the expected goal that the right people can be reasonably authorized. It is a general principle to be followed in enterprise security development and system design, and is increasingly recognized and accepted by the industry and customers," said Liu Chao, co-founder and CEO of DataCloak, "We believe that zero trust will be an important trend in the future. With this funding, we will accelerate product and technology innovation, promote market expansion and improve customer service ability to further consolidate our leading position in the industry."
"CyberSecurity market is an important field that Tiger Global Fund pays close attention to. DataCloak is the clear pioneer and plays a critical role in Zero trust security market in China, " Said Pengfei Wang, the Partner at Tiger Global. "With leading technology, sustaining innovation and high customer satisfaction, DataCloak's business is growing rapidly. We are very happy to partner with DataCloak and look forward to leveraging Tiger Global's significant expertise to help the company achieve greater success."
Founded in 2018, DataCloak provides enterprises with software defined next-generation security infrastructure solutions based on lightweight trusted computing technology and zero trust concept. The company launched the first product DACS - the Zero trust security workspaces in 2019, which not only provides enterprises the basic functions of ZTNA, but also helps them protect the endpoint data security. In September 2020, DataCloak published the HyperCloak® zero trust security framework which has been recognized and supported by many industry partners to jointly provide overall solutions for enterprises. The HyperCloak® framework has been applied in JD.com(JD:NASDAQ), Ke.com(BEKE:NYSE) and other enterprise scenarios. In August 2021, DataCloak and GDS holdings launched a SASE solution named DACS AnyCloud to help enterprises set up high-speed connections and secure access in hybrid cloud scenarios.
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