Netskope announced a new investment round targeted at expanding its reach into the secure access service edge (SASE) market.

The $401 million investment round led by Morgan Stanley Tactical Value. The firm has now raised nearly $1 billion, including a $300 million investment round in mid-2021, which pushed its valuation to $7.5 billion. The company was expected to file for an initial public offering (IPO) following that round, which has yet to happen.

“Netskope remains focused on delivering the best value and the greatest innovations,” Netskope CEO and co-Founder Sanjay Beri, told SDxCentral in an earlier email. “The company is experiencing steady strong growth year over year as SASE continues to change the way teams make security and networking purchases and Netskope continues to take market share in the industry.”

The company didn’t disclose its current valuation based on the new funding, but shared its spending plans.

“Netskope plans to extend its technology and platform advantages and market reach through continued innovative worldwide platform development and expansion of strategic go-to-market activities, underscoring its leadership and momentum in what leading analysts estimate to be the $36 billion market opportunity for SASE by 2025,” the company wrote.

The SASE vendor currently has more than 2,400 customers worldwide, including more than 25 of Fortune 100 companies. And it counts more than 2,500 employees across 40 countries with an executive team formerly employed by industry heavyweights like Amazon Web Services (AWS), Cisco, Palo Alto Networks, and Salesforce.

Netskope started as one of the original cloud access security brokers (CASBs). Its SASE platform includes CASB, zero-trust network access (ZTNA), secure web gateway (SWG), and its NewEdge private cloud.

Recently, the vendor acquired IoT security startup WootCloud and cloud networking vendor Infiot to add IoT security and borderless SD-WAN modules, which helps it move closer to delivering a fully integrated SASE platform. Gartner predicts 65% of enterprises will have consolidated individual SASE components into one or two explicitly partnered SASE vendors by 2025, up from 15% in 2021.

The analyst firm listed Netskope, along with Cato Networks, Cisco, Citrix, Fortinet, Forcepoint, Palo Alto Networks, Versa Networks, and VMware as representative vendors in the single-vendor market.

“Our vision from day one was that traditional network and security perimeters would transform, with users, data, and devices moving outside the confines of corporate network perimeters and requiring a new approach to security,” Beri touted in a statement. “With a cloud-first, data-first, and customer-centric philosophy, we built a market-leading SASE platform and one of the world's fastest and most-connected security cloud networks.”