Versa Networks, a start-up based in San Jose, California, announced $84 million in a Series D funding round for its Secure Access Service Edge (SASE) solutions, which combine security, advanced networking, SD-WAN, multitenancy, and analytics via the cloud, on-premises, or as a blended combination of both.
The funding round was co-led by investors Princeville Capital and RPS Ventures, with additional participation from existing investors, including Sequoia Capital. This brings the company’s total amount raised in funding to $196 million.
Versa says the new funding comes on the back of a record year, where the growth of the remote workforce due to the COVID-19 pandemic saw organizations across the world accelerate their digital transformation initiatives and turn to flexible and secure solutions such as SD-WAN and SASE to address their networking and security needs. As a result, Versa Networks has seen its worldwide sales in enterprises and channel partner registrations double, increased its workforce by 25 percent, and grew its market share to 150 service providers, including seven of the world’s top 10.
“SASE is the fastest-growing category in networking and security, and the continued support from our investors is a testament to not only our innovative technology, but to our ethos as a company to deliver secure access and networking solutions to all organizations, from enterprises to SMBs, that address and solve the challenges they face on a day-to-day basis,” said Kelly Ahuja, CEO of Versa Networks. “We are the only company that offers a fully integrated SASE solution. We saw the opportunity in the market and have been providing enterprises around the world with a truly modern secure network for five years, so it is exciting that the rest of the industry now recognizes the real value and benefits that SASE can provide.”
