Netskope stated on Friday its evaluation has increased to $7.5 billion after a $300 million subsidizing round driven by ICONIQ Growth, featuring monstrous interest for cloud security services as cyber crimes expand in number and seriousness.

Other massive existing financial backers of Netskope, including Accel, Lightspeed Venture Partners, Base Partners, Sequoia Capital Global Equities, Sapphire Ventures, and Geodesic Capital, likewise took part in the subsidizing round, Netskope said.

ICONIQ Growth had recently put resources into tech goliaths including Alibaba (9988.HK), Airbnb Inc (ABNB.O), and Uber Technologies Inc (UBER.N).

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Netskope’s foundation gives insurance to sensitive data that was stored in Inc’s (AMZN.O) Amazon Web Services, Microsoft Corp’s (MSFT.O) Azure, and Alphabet Inc (GOOGL.O) possessed Google’s Cloud Platform.

As per a Netskope report, around 53% of web traffic is identified with cloud action as more organizations move on the web. Additionally, about 61% of malware is conveyed from the cloud.

Organizations around the world are combating to shield their information-rich PCs from cyberattacks and there are no signs such exorbitant assaults will stop at any point in the near future. The COVID-19 pandemic additionally constrained organizations to move to a working model that is remote, driving interest for cloud security efforts.

“Cybercrime is expanding at a disturbing rate. As ventures change their inheritance IT framework and move applications and information to the cloud, security needs to change also,” states Netskope in a statement.

Netskope was established by engineers who had recently worked at security and systems administration organizations like Palo Alto Networks (PANW.N), Juniper Networks (JNPR.N), Cisco (CSCO.O), and VMware (VMW.N), its site showed. It has in excess of 40 licenses and more than 1,000 representatives.

The organization had brought $340 million up in a late-stage subsidizing round driven and led by Sequoia Capital Global Equities in February last year, which esteemed the organization at $3 billion.