The company is engaged in offering cloud-based secure networking solutions to businesses. Credit: ra2 studio/Shutterstock.

Cato Networks, an Israeli cybersecurity company, has raised $238m (NIS9bn) in equity funding at more than $3bn valuation.

LightSpeed Venture Partners, an existing investor, led the investment round, with participation from Adams Street Partners, Softbank Vision Fund 2, Sixty Degree Capital, and Singtel Innov8.

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The fundraising represents the cybersecurity company’s highest round since it raised $200m in 2021 at a valuation of $2.5bn.

The latest capital infusion takes the total funds raised by Cato to $773m.

Shlomo Kramer, who co-founded Imperva and Check Point Software, and Gur Shatz, co-founder of Incapsula set up Cato in 2015.

Headquartered in Tel Aviv, the company is engaged in offering cloud-based secure networking solutions to businesses.

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It is claimed to cater to over 1,800 enterprises, such as Carlsberg and the TAG Heuer Porsche Formula E.

Cato said it will use the investment to scale operations to cater to a broader customer base and expand its partner ecosystem that offers managed Cato SASE (secure access service edge) services.

The proceeds will also be used to hire employees in engineering and product teams to bolster capabilities.

Cato Networks co-founder and CEO Shlomo Kramer said: “Cato’s SASE platform uniquely enables organisations of all sizes to optimally secure their businesses without the cost, complexity, and risk of owning and maintaining a pile of point solutions.

“Cato provides the only SASE platform creating a seamless customer experience and empowers IT to move at the speed of business.”

LightSpeed Venture Partners founder and managing director Ravi Mhatre will join the Cato board following the investment.

Mhatre added: “I am excited to join Cato’s board of directors to help guide the company towards its next phase of growth as it continues to expand its product offerings and scales global sales, marketing, and branding.”