![]() ![]() Even as the major players continue to grow at-scale in the US, there is a growing focus on catalyzing opportunities with international partnersĪcross the three primary cloud players, there is still significant growth with very little deceleration - both Azure and Google Cloud saw very minor decreases in Y/Y run-rate revenue growth (1–2%) this quarter relative to prior quarter, and AWS’s growth remained relatively stable. This post is an overview of our findings, please reach out to a member of the ICONIQ Growth team if you would like a copy of the full report.ġ. Another noted strength from the Azure platform was around database management, where SQL Server on Azure usage more than doubled Y/Y. Notable highlights in the earnings call from management included Azure’s focus on industry-specific, verticalized cloud solutions focused on delivering superior time-to-value for customers. Although not disclosed, we estimate Azure run-rate revenue to be around $31–33B. In its US market alone, Google announced its intention to invest $7B+ into offices and data centers this year, signaling the commitment to Cloud as a top priority for management.Īzure grew 46% Y/Y, on a constant currency basis, which is a slight deceleration from the previous quarter where it saw 47% Y/Y growth. We believe this operating loss highlights management’s continued focus on building out product and go-to-market. Google Cloud has maintained an operating loss of $3.9B run-rate for FY2021, but this is down significantly from $5.6B loss in FY2020. Google Cloud revenue grew 46% Y/Y, generating $16B in run-rate revenue this quarter (although not disclosed, we estimate GCP run-rate revenue to be around $10–12B). Adam was the former CEO and President of Tableau Software, which was acquired by Salesforce in 2019 for $15.7B. As Andy Jassy was named as Jeff Bezos’ successor last quarter, Adam Selipsky was chosen in March to lead AWS. ![]() AWS usage and backlog ($53B) remained consistent with prior quarters. Netskope has always focused its particular flavor of security on the cloud, and as more workloads have moved there, it has certainly worked in its favor.Amazon Web Services grew revenue 32% Y/Y on a constant-currency basis, ending the quarter at $54B in run-rate revenue. Today the company announced a $340 million investment on a valuation of nearly $3 billion. ![]() Sequoia Capital Global Equities led the round, but in a round this large, there were a bunch of other participating firms, including new investors Canada Pension Plan Investment Board and PSP Investments, along with existing investors Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital. Today’s investment brings the total raised to more than $740 million, according to Crunchbase data.Īs with so many large rounds recently, CEO Sanjay Beri said the company wasn’t necessarily looking for more capital, but when brand name investors came knocking, they decided to act. “We did not necessarily need this level of capital but having a large balance sheet and a legendary set of investors like Sequoia, Lightspeed and Accel putting all their chips behind Netskope for the long term to dominate the largest market in security is a very strong signal to the industry,” Beri said.įrom the start, Netskope has taken aim at cloud and mobile security, eschewing the traditional perimeter security that was still popular when the company launched in 2012. “Legacy products based on traditional notions of perimeter security have gone obsolete and inhibit the needs of digital businesses. Cloud security firm Netskope said Friday it has secured 340 million in an investment round that values it at almost 3 billion and was led by new investor. Today’s urgent requirement is security that is fast, delivered from the cloud, and provides real-time protection against network and data threats when cloud services, websites, and private apps are being accessed from anywhere, anytime, on any device,” he explained. When Netskope announced its $168.7 million round at the end of 2018, the company had a valuation over $1 billion at that time. Today, it announced it has almost tripled that number, with a valuation close to $3 billion. That’s a big leap in just two years, but it reports 80% year-over-year growth, and claims to be “the fastest-growing company at scale in the fastest-growing areas of cybersecurity: secure access server edge (SASE) and cloud security,” according to Beri. The next natural step for a company at this stage of maturity would be to look to become a public company, but Beri wasn’t ready to commit to that just yet. ![]()
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