Cloud Infrastructure Startup Teleport Valued at $1B

Cloud infrastructure access platform Teleport has raised $100 million in a Series C round, funding that values the company at $1.1 billion, according to a Tuesday (May 3) press release.

Teleport announced its unicorn status on its blog Tuesday (May 3), saying it signifies the importance of infrastructure access.

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“Over the years of building Teleport, we’ve put a lot of effort into prioritizing user experience (UX) and convenience without sacrificing security,” wrote co-founder Ev Kontsevoy. “We wanted Teleport to not get in the way of working. We wanted engineers to feel like their entire infrastructure gets “teleported” into the same room with them.”

Kontsevoy went on to predict that every organization that builds cloud software will need to have an access platform.

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Based in Oakland, Teleport’s clients include Doordash, Elastic, Nasdaq and Snowflake, companies that employ its digital infrastructure access for remote and hybrid workforces and to deal with the growing threat of cyber attacks.

Teleport said it plans to invest most of its new funding into building its product. It also wants to make its platform more accessible, investing to make its cloud-based offering accessible around the globe.

The funding round was led by Bessemer Venture Partners, with “significant” participation from Insight Venture Partners and comes less than a year after Teleport’s $30 million Series B.

As a part of the investment, Bessemer’s Mary D’Onofrio will take a seat on Teleport’s board, with Insight Partners’ Matt Koran becoming a board observer.