CoreStack announces USD 8.5 million Series A Financing

Chennai, Mar 18 (): CoreStack, a Seattle-basedenterprise cloud governance technology startup, on Wednesdayannounced USD 8.5 million Series A financing aimed atstrengthening its research and development centre here. The Series A Financing round is led by Naya Ventures withparticipation from strategic investors. The company plans to add 20 more cloud specialists to itsexisting workforce of 64 by year-end, a company statement saidhere. The fresh financing round would bring CoreStack's totalfunding to USD 13 million, enabling aggressive expansion ofsales and marketing and accelerated product development inarea of single and multi-cloud enterprise governancesolutions. Naya Ventures Managing Director Dayakar Puskoor alsojoined the the Board of CoreStack following the development. "As enterprises embrace the cloud as a part of theirdigital transformation initiatives, there is a pressing needfor continuous and autonomous governance in areas ofcompliance, security, operations, and consumption in a marketvalued at USD 266 billion", CoreStack CEO EzhilarasanNatarajan said. The financial partnership and enterprise expertise of NayaVentures combined with Z5 Capital, including "our strategicinvestors will further catalyse our growth milestones," hesaid. CoreStack's cloud solution is deployed by several globalenterprises to run clients across United States and Europe andbesides in India. Clients engaged in financial services sector, healthcare,IT services have reported an annual cloud cost savings of 20-60 per cent using the solution of CoreStack. The CoreStack products are designed, built and deliveredfrom its research and development centre in Chennai. VIJVS VS