Netskope Inc. is set to break out of the cloud security pack with a huge $100 million late-stage funding round announced today.

The oversubscribed Series E round brings the company’s total funding to $231.4 million, an amount that will comfortably see it through to profitability, according to Chief Executive Sanjay Beri (pictured).

Founded in 2012, Netskope aims to build what it calls “the definitive cloud security platform for the enterprise,” Beri said. Its technology enables corporate security administrators to peer inside the data users are sending to and from cloud applications, including times when those users aren’t connected to the corporate network. Equally important is that the company says it can detect the kind of data that’s being exchanged, helping information technology organizations combat the danger of security risks created by so-called “shadow IT.”

“If you’re a healthcare company, you’re not just going to let people store whatever they want wherever they want it,” Beri said. “You’re going to have governance principles. We need to address the data that IT doesn’t own.” Netskope has received more than 40 patents for its technology and said dozens more are pending.

This latest funding round was led by existing investors Lightspeed Venture Partners and Accel Partners LP with participation from existing investors Social Capital and Iconiq Capital LLC. New investors include Sapphire Ventures and Geodesic Capital.

The company said it nearly tripled revenue in 2016, though it didn’t reveal absolute numbers, and grew its employee headcount to nearly 400. “We weren’t raising money per se, but this makes us financially independent and removes the notion of capital from the equation,” Beri said. “It’s more than we need to become profitable.”

Netskope won’t rule out the possibility of making acquisitions, but Beri said it intends to stick to its knitting of building out a cloud-first security platform. In a post set to go live on the company’s blog this morning, Beri will address future plans to secure “not just the cloud but the rest of the Internet.”

Without revealing details, he said the company is focused on protecting enterprises against malware and other security vulnerabilities spread by malicious websites. It’s also positioning its software to help enterprises better understand and track their data to meet new privacy and security requirements demanded by regulatory initiatives such as the European Union’s General Data Protection Regulation.

Photo: Netskope