Cato Networks Raises $359 Million to Expand SASE Business – Source: www.securityweek.com

Secure access service edge (SASE) solutions provider Cato Networks announced a massive $359 million Series G funding round on Monday, a deal that the company says values it at more than $4.8 billion.

Founded in 2015, the Tel Aviv based company has now raised more than $1 billion and claims more than 3,500 customers.

Cato’s SASE platform provides secure web gateway (SWG), cloud access security broker (CASB), data loss prevention (DLP), zero trust network access (ZTNA), firewall-as-a-service (FWaaS), and remote browser isolation (RBI) capabilities.

Cato says the additional funds will be used to expand the platform’s AI security capabilities, accelerate platform innovation across multiple security domains, and expand their market presence.

The oversubscribed round was led by new investors including Vitruvian Partners and ION Crossover Partners, alongside existing investors Lightspeed Venture Partners, Acrew Capital, and Adams Street Partners.

The Series G funding is not the first massive round raised by the company. In September 2023 Cato announced a $238 million equity investment and had raised $200 million at a $2.5 billion valuation in October 2021.

Gartner estimates the SASE market will grow at a compound annual growth rate (CAGR) of 26%, reaching $28.5 billion by 2028.