Vera announced a $15 million strategic investment led by HP-Ventures, the venture capital firm founded by of SAP Chairman, Hasso Plattner. Drawing from its third fund of €150 million, HP-Ventures is joined by existing investors Battery Ventures, Sutter Hill Ventures, Clear Venture Partners, Amplify Partners and Leslie Ventures who all participated in this strategic financing.
This latest investment brings Vera’s total capital raised to over $50 million. Vera is also announcing the addition of Clear Venture Partners’ General Partner Christ Rust to its board of directors.
“Hasso Plattner Ventures has a highly curated, global portfolio of game-changing companies, but our investment in Vera is unique in that it marks our fund’s first cybersecurity investment,” said Yair Re’em, General Partner of Hasso Plattner Ventures. “The crumbling state of enterprise security has clearly demonstrated the need for a fundamental paradigm shift in cybersecurity. Severe breaches are reported on a daily basis, causing businesses massive loss of revenue and trust. Vera’s incredible momentum and hyper-growth in markets large and small is testament to the brilliance and power of Vera’s innovative approach to securing information of all types and is the only solution that can help protect and control data after a breach has happened.”
Vera’s data-centric security solution accelerates enterprises’ ability to comply with a complex web of state, federal, and international regulations, including the EU’s impending General Data Protection Regulation (GDPR). Gartner predicts that by the end of 2018, over 50% of companies affected by the GDPR will not be in full compliance with its requirements. Vera enables these organizations to automate data security, encryption, control, and compliance with these regulations.
“The fact that HPV chose us amongst the universe of companies that would jump at the chance to count them as investors is a massive vote of confidence in our solution and approach. HP Venture’s global reach will undoubtedly help us accelerate our expansion into multi-national and European markets,” said Ajay Arora, CEO of Vera. “As if the news could possibly get any better, we are also thrilled to have Chris Rust of Clear Venture Partners officially join our board of directors. Chris’ ongoing and tireless commitment and leadership has helped our team scale and succeed since day one.”
As of April 2017, Vera has realized over 400% revenue growth since its public launch in mid-2015 and increased its Fortune 100 customer base alone by 5x.