ARLINGTON, Va.--(BUSINESS WIRE)--DivvyCloud, a leading provider of security and compliance automation for public cloud and container infrastructure, today announced a $19 million growth round, bringing its total capital raised to date to $29 million. This round was led by Providence Strategic Growth with follow-on investments from existing investors MissionOG and RTP Ventures. The added investment allows DivvyCloud to make specific technological advancements to its cloud security and compliance solution, as well as expand sales and marketing efforts and customer success programs to meet rapidly increasing demand.
“In a quickly maturing market, DivvyCloud has demonstrated a unique value proposition for enterprises leveraging the public cloud,” said John R. Marquis, Principal, Providence Strategic Growth.
“Most enterprise companies are implementing a multi-cloud strategy and require a platform that allows them to fully embrace self-service access without losing control,” said Brian J. Shin, Managing Director, Providence Strategic Growth. “In the cloud era, security cannot be an impediment to innovation. Importantly, DivvyCloud delivers a strategy for companies to have their cake and eat it too - unrestricted access to cloud services for developers to drive innovation and a robust approach to improving security and compliance. The impact of DivvyCloud’s best-in-class software platform has been proven by impressive customer adoption and retention.”
DivvyCloud was founded in 2013 with a vision of empowering enterprises to give developers the freedom to innovate through self-service access to cloud services while at the same time enhance security and compliance. Building upon its industry-leading solution, DivvyCloud will leverage the infusion of capital to innovate its product offerings, including extending policy enforcement capabilities into the continuous integration/continuous delivery (CICD) pipeline and deepening integrations with key third-party solutions to enhance orchestration.
“Data breaches caused by misconfigurations of public cloud services have been dominating headlines in 2019 and are costing enterprises millions of dollars, needlessly,” said Brian Johnson, CEO and co-founder, DivvyCloud. “DivvyCloud is uniquely positioned, with our approach to automation that uses real-time remediation to allow enterprises to fully realize the benefits of public cloud and container adoption without the risk of misconfigurations and other common security and compliance issues. With this funding, we intend to deliver specific product advancements; strengthen support for containers, cloud identity, and serverless; and broaden our market penetration to benefit companies around the globe. Our goal is to enable every enterprise in the world to be able to confidently and securely embrace cloud services to drive rapid innovation.”
Headed by a strong leadership team, DivvyCloud has doubled its customer base in the last 12 months, including adding marquee customers Kroger, CoStar and Pizza Hut. The company has also doubled its staff in the past year, including adding key executive hires Scott Totman as head of engineering and product development, and Rick Juneja as head of customer success. Brian J. Shin, Managing Director of Providence Strategic Growth, has also joined DivvyCloud’s board of directors.
Further validating DivvyCloud’s market position, the company was named the Editor’s Choice Winner in Cloud Security by Cyber Defense Magazine in the 2019 Infosec Awards and was a winner in Cloud Security in the Cybersecurity Product category in the 2019 Cybersecurity Excellence Awards.
“The majority of our direct competitors have been acquired by large conglomerates, leaving DivvyCloud uniquely positioned as a well-funded company exclusively focused on driving innovation in the cloud security posture management category,” continued Johnson. “Enterprises continue to turn to our best-in-class software platform for a secure and compliant approach to operating cloud and container services.”
About DivvyCloud
DivvyCloud helps enterprise customers improve security, take control, and minimize risk as they embrace the dynamic, self-service, nature of public cloud and container infrastructure. With DivvyCloud, security, GRC, and operations professionals can identify risks in real-time and take automatic, user-defined action to fix problems before they're exploited. Customers run DivvyCloud's software to achieve continuous security governance in cloud and container environments. Freedom is good. Chaos is bad. To learn more: www.divvycloud.com
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
