Israeli cybersecurity firm Cato Networks has introduced the completion of a $238 million fairness financing spherical. Cato Networks eighth and largest financing spherical up to now brings the full quantity raised by the corporate to $773 million. The spherical was accomplished at an organization valuation of greater than $3 billion, Cato Networks mentioned. In its most up-to-date financing spherical in October 2021, the corporate raised $200 million at a barely extra modest $2.5 billion valuation.
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Tel Aviv-based Cato Networks was based in 2015 by its president and COO Gur Shatz and its CEO Shlomo Kramer, one of many founders of Check Point Software Technologies Ltd. (Nasdaq: CHKP) and the founding father of safety firm Imperva. The firm has developed safe entry service edge (SASE) expertise, which mixes enterprise communication and safety capabilities right into a single cloud-based platform.
Cato grew to become a unicorn in 2020 when it raised $130 million. One of its acvhievements was to influence analysis firm Gartner to determine a particular class for the SASE business.
The newest financing spherical was led by LightSpeed Venture Partners with the participation of Adams Street Partners, Softbank Vision Fund 2, Sixty Degree Capital, and Singtel Innov8. Following the spherical, Ravi Mhatre, founder and managing director of LightSpeed Venture Partners, will be part of the Cato board.
Kramer mentioned, “This funding round reflects investor confidence in Cato’s leadership in the single-vendor SASE market. Cato’s SASE platform uniquely enables organizations of all sizes to optimally secure their businesses without the cost, complexity, and risk of owning and maintaining a pile of point solutions. Cato provides the only SASE platform creating a seamless customer experience and empowers IT to move at the speed of business.”
Cato will use the brand new funds to increase in three key areas: delivering Cato’s imaginative and prescient and buyer success to extra prospects, increasing the associate ecosystem providing managed Cato SASE providers, and enlarging the engineering and product staff answerable for its modern capabilities.
In 2022, the corporate noticed Annual Recurring Revenue (ARR) exceed $100 million with income up 60% year-over-year. More than 1,800 enterprise prospects, together with Carlsberg and the TAG Heuer Porsche Formula E, use Cato’s mission-critical safety and networking infrastructure.
Published by Globes, Israel enterprise information – en.globes.co.il – on September 19, 2023.
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