Versa Networks, a Secure Access Service Edge (SASE) startup, has raised USD 120 million as part of a pre-IPO funding round led by BlackRock, with participation from Silicon Valley Bank. Versa Networks’ total funding currently stands at nearly USD 316 million.

The funds will be utilized to accelerate its SASE product innovations and support go-to-market expansion. Versa Networks also indicated that it could most likely be its last funding round before it looks at going public over the next 18 months.

Versa Networks reported that its annual revenue value grew by 60% over the past few years. The company currently serves more than 10,000 enterprises and over 1 million users globally. Notable customers include BP and Capital One. The company has an employee headcount of 625 and it is currently valued at more than USD 700 million.

Analyst QuickTake: Versa Networks’ pre-IPO round follows its USD 84 million Series D fundraising in June last year. During that period, the company had 500 employees and over 5,000 customers across 500,000 contracted sites.