Palo Alto (California) [USA]/Bengaluru (Karnataka) [India] December 3 (ANI/BusinessWire India): Iron Pillar, a venture growth investor backing companies built from India, today announced a USD 4 million investment in CoreStack, the leading cloud governance and compliance SaaS startup based in Seattle with development in Chennai. Iron Pillar Fund II is targeting growth stage cloud software companies.
CoreStack announced its USD 8.5 million Series A in March 2020 led by Dallas Venture Capital (DVC) with participation from Jim Dubois, former Microsoft CIO, and AbidaliNeemuchwala, former Wipro CEO.
The company and its Board decided to create an investment opportunity specifically for Iron Pillar given the value that the Iron Pillar team brought through access to global customers, partners, investors, and the Iron Pillar Network. CoreStack will use the funds for continued market expansion.
CoreStack enables enterprises to continuously, securely, and autonomously keep their cloud infrastructure compliant with industry standards and regulations while significantly boosting operational efficiencies and reducing costs.
CoreStack has grown over 200 per cent per year over the past three years. adding to its roster of marquee clients across the US, Europe, and India. Enterprise customers leverage CoreStack for their cloud governance and compliance needs, as pre-requisites for broader, large scale cloud adoption and migration.
"Over the past couple of years, CoreStack has delivered needle-moving value to enterprise companies. Customers see consistent outcomes such as 50 per cent improvement in cloud operational efficiencies, 100 per cent compliance to standards, and 40 per cent savings in cloud costs. Iron Pillar came along as the perfect partner to help us expand globally, not only by way of expanded investment interest to Series-A financing but more importantly by way of introduction to customers, partners, and advisors. We're thrilled to be working with Iron Pillar," said Ezhilarasan "EZ" Natarajan, Founder/CEO CoreStack.
"We are thrilled to be investing in CoreStack, which has built and delivered world-class cloud governance and compliance solutions to a discerning global customer base. To see a company get the sort of traction that CoreStack has, and that too with relatively little capital is truly rare in the SaaS world. The company is at the leading edge of the cloud-based digital transformation movement that has been accelerated in 2020. The Iron Pillar team looks forward to working closely with CoreStack management and existing investors in creating a differentiated cloud software unicorn," added Mohanjit Jolly, Partner at Iron Pillar.
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