The funding round saw Netskope’s valuation top more than $1 billion. The cloud-security firm will utilize the funds to expand its R&D, sales and data centers.

Netskope, a cloud-security firm, said it has raised $169 million in its latest fundraiser which valued it at more than $1 billion. Netskope will channelize the funds to expand its global reach.

As per Netskope’s Chief Executive Officer Sanjay Beri, the cloud-security firm would use the proceeds to expand research, developments, sales and data centers.

“We initially didn’t set out to raise a new round, but in conversations with our investors, we realized we could double down on scaling and supporting our ambitious global growth plans even faster with additional investment,” said Beri while adding that he aims to have the company remain independent.

According to Crunchbase, since 2013 Netskope has raised $400 million through six funding rounds.

Netskope helps secure Google Cloud environments, Amazon Web Services, Microsoft Azure and other web-based software from companies such as Salesforce.com Inc, Slack, and Dropbox Inc.