Netskope, a provider of cloud security solutions, has raised USD 300 million in an oversubscribed Series H funding round at a post-money valuation of USD 7.5 billion. The round was led by ICONIQ Growth, with participation from Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital. Netskope’s total funding following this investment stands at more than USD 1 billion.

The company expects to use the funding to expand its SASE offering, invest in R&D, and its go-to-market efforts. Netskope indicated that this round could most likely be its last private funding before it looks at going public.

Netskope serves more than 1,500 customers globally including over 30 of the Fortune 100 companies, and several of the world’s largest commercial banks, healthcare providers, telecommunications companies, and retailers.

Founded in 2012, Netskope provides cloud security solutions for enterprises that include cloud-delivered secure web gateways (SWGs), cloud access security brokers (CASB), and other solutions to manage access to cloud workloads. These solutions help companies monitor the use of cloud applications and identify suspicious behavior.