CoreStack Raises $30 Million Funding From Avatar Growth Capital, Others

CoreStack, a global multi-cloud governance SaaS provider, on Wednesday said it has raised USD 30 million (about Rs 223.2 crore) in funding round, led by Avatar Growth Capital. The series B round also saw participation from Dallas Venture Capital (DVC), Iron Pillar and other angel investors, a statement said.

This brings CoreStack's total funding to USD 45 million, it added. The funding will help CoreStack continue its rapid pace of growth and innovation with its AI-powered continuous and autonomous cloud governance at scale, while also making strategic headway with expansion into new markets, it said.

Avatar Growth Capital Managing Director Abhay Havaldar will join CoreStack's Board of Directors, upon required legal clearances, the statement added. CoreStack's proactive approach to AI-powered cloud native governance utilises a unique cloud-as-code approach, orchestration frameworks, deep AI/ML, and patented connector-less model.

Adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic, and CoreStack is leading the way in helping these companies unleash the power of cloud through governance across compliance, security, operations, cost, and consumption, CoreStack CEO Ezhilarasan Natarajan said. "We are excited to expand our footprint of over USD 1 billion in cloud governed through CoreStack, and relentlessly pursue our goal of becoming the benchmark technology that customers trust," Natarajan added.

(PTI)