Uptycs raises $50M in a Norwest Ventures-led Series C funding

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SaaS News -Uptycs-secures-$50M-Series-C(source: SaaS Industry)
At a Glance

Uptycs, which provides cloud-native security with SQL analytics, has raised $30 million in a Series C funding led by Norwest Venture Partners. They aspire to evolve their platform to help enterprises across the globe to secure their endpoint and cloud resources.

Boston’s Uptycs, which provides cloud-native security using SQL-powered analytics, has raised $50 million in a Series C funding led by Norwest Venture Partners, which takes their total funding to $93 million per Crunchbase. Sapphire Ventures and ServiceNow had participated in the round.

According to Uptycs Founder and CEO Ganesh Pai, the company had primarily focused on being reactive in the field of cybersecurity- just figuring out what happened. However, they are beginning to delve into the other domains of security extensively. The plan with the funds shall be to build on that functionality and vision, that is, in being proactive, predictive, and protective in addition to being reactive.

This round will help us continue to evolve our platform to enable enterprises worldwide to secure their endpoint and cloud resources both proactively and reactively,

Ganesh Pai – Founder and CEO, Uptycs

Mr. Pai added that Uptycs was not looking to raise funds this time around as they were well on capital from last year’s investment. It was the investors who had come looking for him.

It was one of those things where the round came in primarily as a function of execution and success to date, and we decided to capitalize on that because we know the partners and raised the capital so that we could use it meaningfully for a couple of different things, primarily sales and marketing acceleration

Ganesh Pai – Founder and CEO, Uptycs

Reports state that the funding has come at a suitable time for the company, whose success attained last year grew due to the COVID-19 pandemic triggering remote working, digital, and cloud transitions. Mr. Pai added that Uptycs had provided insightful telemetric-powered solutions that solved their security problems, eventually leading to a triple-digit growth over the last year. 

Uptycs has also grown in team size from 65 during Series B last year to over 140 today. Mr. Pai aims to grow it to 200 people by the end of this year, keeping diversity an important factor in hiring.

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