Workload security provider HyTrust has announced it raised $36 million in Series E funding. A portion of this new round of investment will fund the acquisition of data security firm DataGravity, the company said today.
HyTrust will also use its new funds to drive product development, as well as sales and marketing efforts, at a critical time for the cloud security solutions industry. Forrester anticipates the market will grow 28% each year, from $1.5B in 2017 to $3.5B in 2021.
The acquisition will help HyTrust automate security policy enforcement for workload data. It plans to leverage DataGravity's data discovery and classification expertise to build on its tools for protecting information in the cloud.
"The acquisition will accelerate the expansion of HyTrust’s platform capabilities and capitalize on the high-growth cloud security market," said HyTrust co-founder and president Eric Chiu. "DataGravity's data discovery and classification capabilities support HyTrust's mission to deliver a security policy framework that provides customers with full visibility, insight and enforcement of policy across workloads."
Terms of the deal were not disclosed, though members of the DataGravity team will be joining HyTrust. DataGravity was founded in 2014 and had raised $92 million in funding.