Norwest Venture Partners and Wing Ventures have co-lead an $8 million Series A funding round in Apprity, a stealth cloud security company. Promod Haque, senior managing partner of Norwest, and Gaurav Garg, founding partner of Wing Ventures, will join Apprity’s board of directors.
Apprity, a stealth Cloud Security company, today announced an $8 million oversubscribed Series A round of venture capital funding. The capital will be used to drive product development, expand industry partnerships and deliver on Apprity’s product vision. Apprity’s comprehensive Cloud Security offering will enable enterprises to embrace today’s Software-as-a-Service (SaaS) and Cloud applications that are critical to their business objectives, with complete confidence and assurance.
Leading venture capital firms Norwest Venture Partners (NVP) and Wing Ventures are the principal investors. As part of this round, Promod Haque, senior managing partner of Norwest Venture Partners, and Gaurav Garg, founding partner of Wing Ventures, will join Apprity’s Board of Directors. Today’s news also represents the first Series A investment that Haque and Garg have made jointly in enterprise security since FireEye (FEYE) in 2005.
Apprity also announced a list of blue chip advisors and individual investors including industry luminaries, Sohaib Abbasi, Chairman and Chief Executive Officer, Informatica Corporation; Amit Jasuja, Senior Vice President, Identity Management and Java, Oracle Corporation; Hasan Rizvi, former Executive Vice President, Fusion Middleware and Java, Oracle Corporation; and David Schneider, Senior Vice President, Sales and Services, ServiceNow.
As enterprises look to increase efficiency, reduce costs, and improve end-user experiences, critical business processes and applications are being transitioned to the Cloud. The promise of Cloud and SaaS applications, combined with trends of Mobility, Bring-your-own-Device (BYOD) and the Internet-of-Things (IoT) is severely constrained when faced with the cyber threat landscape present in today’s environment. This represents a major barrier for enterprises to overcome in their journey to Cloud adoption. While security vendors typically focus on providing solutions adept at securing the perimeter, Apprity understands the need for a modern approach to Cloud Security, and is developing patent-pending technology to address today’s complex business requirements.
“As enterprises move critical business processes to the Cloud, they seek stronger protection, deeper insight and higher levels of assurance,” said Rohit Gupta, founder & CEO of Apprity. “The Apprity team has decades of deep enterprise security experience and thoroughly understands the need for a new paradigm to support the rapid adoption of Cloud and SaaS applications. Although we will remain in stealth through development, today’s announcement speaks volumes of the confidence in what we expect to achieve.”
“Apprity exemplifies the type of company in which NVP historically looks to invest-a business at the forefront of an exciting market, a uniquely engineered solution and an experienced team that understands the strategic business needs of the market,” said Promod Haque, senior managing partner, Norwest Venture Partners. “This is a seasoned team that brings tremendous insight and experience from their decades of work with leading global enterprises, while delivering exceptional, market-leading products in the areas of data and application security & identity and access management.”
“Building a successful security company takes a different approach than other technology fields. Apprity is yet another game changer in the space,” said Gaurav Garg, founding partner of Wing Ventures. “The security market is ripe for innovation, especially within the cloud. The Apprity team brings together a pioneering approach to help enterprises accelerate their consumption of SaaS and Cloud applications with a truly differentiated product offering, under the guidance of exceptional founding leadership.”
About the Investors
Gaurav Garg is a founding partner of Wing Ventures, established in 2013. Prior to Wing, Garg was a special limited partner at Sequoia Capital, where he worked for 11 years. Promod Haque joined NVP in 1990 and has more than 20 years experience in the venture capital industry. He has personally invested in more than 60 companies during his investing career, producing more than $40B in exit values.
Apprity is a leading innovator in Cloud Security, enabling enterprises to accelerate their adoption of SaaS and Cloud applications, in today’s highly scrutinized, regulated and sensitive cyber threat environment. Founded in 2013, Apprity is headquartered in Santa Clara, Calif. and is backed by leading venture capital firms Norwest Venture Partners and Wing Ventures, as well as several industry luminaries. Visit Apprity at http://www.apprity.com and continue the conversation at @Apprity.