Australian Government has made it official that it is going to offer a $45 million fund to American Cloud Security firm Bitglass through Future Fund. The sovereign wealth fund is joined by Venture Capital sponsors which are New Enterprise Associates, Norwest Venture Partners, Singtel’s investing business subsidiary Innov8.
Founded in 2006, the Future Fund holds more than Australian $120 Billion under management today.
Since, its inception in 2013, California based Bitglass has raised three rounds of funding, making it to series C round. Till date, the company has made to a total of $80 million, as the last round was worth $25 million in August 2014.
Though the primary business objective of Bitglass is to protect corporate info from hacks and cyber crooks, it has emerged as a gateway for Cloud Security Access in recent times. Means it acts as a platform to integrate or evolve other cloud services such as Microsoft Office 365, Amazon Web Services, Google G Suite, Box, and Slack.
The primary focus of Bitglass’s product suite is to protect corporate data outside corporate networks and that includes protection against cyber threats when BYOD policies are prevailing in the corporate environment.
In one word, Bitglass steadily manages network connections between corporate servers and public clouds by applying encryption and security policies to ensure only authorized access is being availed.
On an overall note, Bitglass delivers real- time inline data protection in the cloud, at access and on any mobile device.
As companies are predicted to spend around $110 billion each year on cloud services, let’s hope that Bitglass business expansion plans will surely work out to the best.
