Versa Networks, a leading provider of secure access service edge (SASE) solutions, has raised $120 million in financing in a pre-IPO funding round led by BlackRock Inc., with Silicon Valley Bank (SVB) participating. SASE solutions have emerged as a key technology for authenticating users at speed as they connect to the cloud and on-premises infrastructures. Versa Networks provides artificial intelligence/machine learning (AI/ML)-powered security service edge (SSE) and SD-WAN solutions to connect users with cloud-based or on-premises resources.
Organizations are turning to SASE solutions more as hybrid work expands and businesses become more decentralized; researchers estimate the market will grow from $3 billion in 2021 to $6 billion by 2028. Versa Networks benefits from its single-vendor platform, which delivers well-developed and tightly-integrated functions that are easily managed in one place. The company plans to use the new funding to expand go-to-market strategies and fuel further innovation en route to its impending IPO, which is as yet unannounced.