Israeli cybersecurity startup Cato Networks has raised $238 million in a new round of funding, with a valuation of $3 billion.
The Tel Aviv-based startup provides Secure Access Service Edge (SASE) technology, folding various security and communications capabilities into one cloud-based platform.
The funding round was led by California-based Lightspeed Venture Partners (LVP), and was one of Israel’s largest for 2023. Other investors include Chicago’s Adams Street Partners; Singtel Innov8 of Singapore; and Sixty Degree Capital from Ontario.
LVP also led Cato’s previous funding round in 2021, which raised $200 million at a company valuation of $2.5 billion.
Cato says it has now raised a total of $773 million. It was established in 2015 by its current CEO and Check Point co-founder Shlomo Kramer, who aimed to create a platform to simplify and reduce the costs of network security.
The company says its will use the funding to increase its reach, expand its services and invest in innovation.
“This funding round reflects investor confidence in Cato’s leadership in the single-vendor SASE market,” said Kramer.
“Cato’s SASE platform uniquely enables organizations of all sizes to optimally secure their businesses without the cost, complexity, and risk of owning and maintaining a pile of point solutions. Cato provides the only SASE platform creating a seamless customer experience and empowers IT to move at the speed of business.”