July 9 (Reuters) – Netskope announced Friday that its valuation more than doubled from $ 300 million to $ 7.5 billion following an ICONIQ Growth-led financing round, reflecting massive demand according to cloud security services suggests that cyberattacks increase in number and severity.

Other large existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital, also participated in the funding round, Netskope said.

ICONIQ Growth had previously invested in technology giants such as Alibaba (9988.HK), Airbnb Inc (ABNB.O) and Uber Technologies Inc (UBER.N).

Netskope’s platform provides protection for sensitive data stored in Amazon.com Inc (AMZN.O) Amazon Web Services, Microsoft Corp (MSFT.O) Azure, and Alphabet Inc (ogle Cloud Platform) owned by the Google Cloud Platform.

According to a threat report from Netskope, around 53% of web traffic is related to cloud activity as more businesses go online. Also, around 61% of malware is delivered …

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