: CoreStack, a Seattle-basedenterprise cloud governance technology startup, on Wednesday announced USD 8.5 million Series A financing aimed at strengthening its research and development centre here.The Series A Financing round is led by Naya Ventures with participation from strategic investors.The company plans to add 20 more cloud specialists to its existing workforce of 64 by year-end, a company statement said here.The fresh financing round would bring CoreStack's total funding to USD 13 million, enabling aggressive expansion of sales and marketing and accelerated product development in area of single and multi-cloud enterprise governance solutions.Naya Ventures Managing Director Dayakar Puskoor also joined the the Board of CoreStack following the development."As enterprises embrace the cloud as a part of their digital transformation initiatives, there is a pressing need for continuous and autonomous governance in areas of compliance, security, operations, and consumption in a market valued at USD 266 billion", CoreStack CEO Ezhilarasan Natarajan said.The financial partnership and enterprise expertise of Naya Ventures combined with Z5 Capital, including "our strategic investors will further catalyse our growth milestones," he said.CoreStack's cloud solution is deployed by several global enterprises to run clients across United States and Europe and besides in India.Clients engaged in financial services sector, healthcare, IT services have reported an annual cloud cost savings of 20- 60 per cent using the solution of CoreStack.The CoreStack products are designed, built and delivered from its research and development centre in Chennai.
