Seattle-area startup CoreStack raised another $ 4 million as the company sees demand increase for its cloud governance software. It follows a $ 8.5 million round raised in March.
CoreStack helps companies across various industries manage the cost, compliance, consumption, and other aspects of their cloud infrastructure. Its software provides “automated guardrails” that help with proactive policy enforcement, retrospective action, automated post provisioning action, and resource consistency.
CoreStack is a co-sell partner with AWS and Microsoft Azure, and serves customers using multiple cloud services.
The startup is seeing tailwinds from the pandemic as more companies shift their processes into the cloud. Annual recurring revenue has increased 200% year-over-year over the past three years. The company has more than 100 enterprise clients.
“Our average revenue per customer has more than doubled in recent deals, and we expect that trend to continue,” noted CoreStack CEO Ezhilarasan Natarajan.
CoreStack employs more than 100 people across its Bellevue, Wash. headquarters and in Chennai, India, up from 60 earlier this year.
The latest investment came from Iron pillar, a venture investor that backs companies built in India. Previous backers include Dallas Venture Capital, former Microsoft CIO Jim Dubois, and former Wipro CEO Abidali Neemuchwala. Total funding to date is $ 15.5 million.