Versa Networks, a single-vendor secure access service edge (SASE) platform, has raised $120m in pre-IPO funding.
The investment was led by funds and accounts managed by BlackRock, with commitments also coming from Silicon Valley Bank.
This equity burst will allow Versa to expand go-to-market strategies. It will also empower the RegTech to bolster its position in the market while it prepares for its IPO.
According to Gartner, the SASE market will grow to $15bn in 2025, and 80% of enterprises will have a strategy to unify web, cloud services and private application access using a SASE architecture.
Versa is a single-vendor SASE platform that helps integrate and deliver services via the cloud, on-premises or as a combination of both.
Its services include secure SD-WAN, next-generation firewall, unified threat management, advanced threat protection, secure web gateway, zero trust network access, cloud access security broker, data loss prevention, remote browser isolation and user and entity behaviour analytics.
Speaking on the funding round, Versa Networks Apurva Mehta, co-Founder and chief technology officer said, “We are the only company that offers a fully integrated single-vendor SASE solution. We saw this opportunity in the market coming more than five years ago, and since then have been providing enterprises around the world with a truly modern secure network. It is exciting that the rest of the industry now recognizes the real value and benefits that single-vendor SASE can provide.”
Citi acted as exclusive advisor and placement agent to Versa in the transaction.
Silicon Valley Bank has made several investments into the FinTech space. It recently supplied $65m in debt financing to Netradyne, which leverages AI and data to provide fleet safety solutions.
It uses AI and edge computing to transform driver behaviour and fleet performance. Its technology rewards good driving behaviour and can coach the driver on how to improve.
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