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Cloud Governance Software Provider CoreStack raises $30 million led by Avatar Growth Capital & Others

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CoreStack, a provider of cloud governance software, announced that it has raised $30 million in a Series B fundraising round led by Avatar Growth Capital. Existing investors in the round included Dallas Venture Capital (DVC), Iron Pillar, and several angel investors.

CoreStack has now raised $45 million in total equity fundraising through this round.

The funds will be used to focus on development and innovation in artificial intelligence-powered autonomous cloud governance, according to the business. The organisation will also attempt to expand into other markets in order to make strategic progress.

"Adoption of enterprise cloud solutions has witnessed a massive uptick post-pandemic. CoreStack is leading the way in helping these companies unleash the power of the cloud through governance across compliance, security, operations, cost, and consumption," says Ezhilarasan Natarajan, chief executive officer (CEO) at CoreStack.

Abhay Havaldar, managing director of Avatar Growth Capital, will join CoreStack's board of directors as part of the current round.

“The rapid adoption of CoreStack by enterprises endorses the transformative value that the solution is able to provide, and we’re truly impressed with the leadership team and the progress the company has been able to make. CoreStack’s holistic approach to cloud-native governance is the missing link that enterprises need in order to get the best out of their cloud deployments," says Havaldar, in a company statement.

CoreStack is used by enterprise customers for cloud governance and compliance, which are required for larger, large-scale cloud adoption and migration.

"VC business is all about doubling and tripling down on your winners. And that is precisely what Iron Pillar has done with CoreStack’s latest $30 million financings. CoreStack epitomises the ideal portfolio company for our fund — a fast-growing startup, with a focus on the massive cloud market, offering a highly differentiated product, led by a world-class team, and loved by its growing list of 100+ enterprise customers. Humbled and honored to be part of the CoreStack journey," said Mohanjit Jolly, partner, Iron Pillar.