Orca Security, a Los Angeles-headquartered cloud security firm, announced the close of a USD 550 million extended Series C investment round led by Temasek, the investment giant owned by Singapore’s government. Orca Security is now valued at USD 1.8 billion.
The firm will utilize this fresh capital to speed up its global deployment and deepen its market reach in the Asia Pacific. “Orca Security plans to have over a dozen employees in the APAC region by the end of 2021,” said Avi Shua, CEO and co-founder of Orca Security.
Orca Security completed its USD 210 million Series C funding round in March, led by CapitalG—the growth fund of Google’s parent company Alphabet—and Redpoint Ventures.
The firm has logged a 800% year-on-year growth. It has partners in Japan, India, Australia, and New Zealand. Orca said it has plans to expand to the UK and the EMEA region.
Founded in 2019, Orca Security’s patent-pending SideScanning technology detects vulnerabilities, malware, misconfigurations, and other risks in cloud assets.
Worldwide end-user spending on public cloud services is expected to grow 23.1% in 2021 to USD 332.3 billion, up from USD 270 billion in 2020. The enterprise cloud adoption rate is set to grow from USD 388 billion in 2021 to USD 801 billion in 2025, according to a report by research firm Gartner.