BitGlass has announced a fresh $25 million in Series B funding today. The enterprise mobile cloud security solution had already raised $10 million in a Series A prior to coming out of stealth earlier this year. This now brings the total funding to date up to $35 million.
Norwest Venture Partners and NEA had contributed to the earlier round. Both investors backed this latest infusion, along with a large global bank and SingTel Innov8, the venture investing arm of SingTel Group.
SingTel Innov8, the venture investing arm of SingTel Group, Asia’s leading communications group with over 500 million mobile customers. Bitglass was not able to reveal the identity of the large global bank investor.
Bitglass says the new infusion of cash will be used to expand sales, marketing and technology development of Bitglass’ Total Data Protection solution. There currently isn’t much out there that allows companies to store sensitive company data on mobile devices. The SaaS security solution co-founded by previous HP principle scientist Nat Kausik and CTO Anurag Kahol (formerly Juniper Networks Director of Engineering) provides corporate IT with services, including cloud app security, mobile security and cloud access control.
A Bitglass 2014 Cloud Adoption Report found that security continues to be the No. 1 inhibitor to cloud and mobile adoption in the enterprise. The business model of SaaS vendors like Salesforce depends on the ability to offer a shared service, spreading costs across customers. Arrangements for dedicated instances are too costly for the SaaS vendor to deliver. Bitglass steps in to allow companies to give contextual access on cloud services and apps like Salesforce, Microsoft365 and Box. This opens up a dedicated way to allow company control over how corporate data is accessed on the Internet and keeps it within its own private infrastructure.
“Data security takes center stage in this era of cloud and mobile,” said Jeff Karras, managing director of SingTel Innov8. “Bitglass is a leader in the US and we look forward to helping them gain global momentum.”