Cloud security startup Lacework valued at $8.3 billion after mammoth funding round

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(Businesshala) – Cloud security services provider Laceworks on Thursday raised $1.3 billion in fresh capital at a valuation of $8.3 billion, making it one of the largest venture funding rounds of the year in the United States.

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The latest financing raised the valuation of Laceworks by more than eight times and was led by existing investors Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners and Tiger Global Management.

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The San Jose, California-based firm raised $525 million at the start of the year at a valuation of $1 billion.

Lacework is exploring various avenues to go public, including a traditional initial public offering or direct listing, although it hasn’t finalized when it plans to do so, said Lacework’s co-CEO David. Hatfield said in an interview with Businesshala.

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“There are many different options for companies like ours, (including) direct listings or IPOs, and we’re looking at those options, but nothing actively,” Hatfield said.

New investors such as Franklin Templeton and Morgan Stanley’s investment arm Counterpoint Global also participated in the latest fundraising, which is an extension of the Series D funding round in January.

Founded in 2015, Lessworks automates the process of collecting and analyzing large amounts of data that would typically flow through the company’s cloud platform.

The company offers customers security tools, including data warehousing firm Snowflake, social networking app Nextdoor and personal finance firm NerdWallet, to help them secure cloud-based workloads.

Earlier this month, Lessworks agreed to buy cloud infrastructure management startup Soluble to enhance the automation capability of its platform.

Other major existing investors in Laceworks include Coteau, Dragoneer and Snowflake Ventures.

Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Anirban Sen and Amy Karen Daniels

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