Netskope today said it closed a $300 million funding round led by existing investor Iconiq Growth that sent the secure access services edge (SASE) vendor’s valuation skyrocketing to $7.5 billion.

Netskope’s new investment follows a string of multi-hundred-million (and billion) dollar cybersecurity deals so far this year and makes Netskope one of the world’s most valuable private tech companies. It more than doubled Netskope’s valuation from 18 months ago, and it’s about two and a half times larger than the valuation of SentinelOne’s last private funding round before that company’s record-setting IPO last month.

SentinelOne made its public market debut on June 30, and after pricing its initial public offering (IPO) at $35 per share, the company’s stock started trading at $46 per share, which pushed its valuation to $8.9 billion. The security vendor sold 35 million shares to raise about $1.23 billion in the IPO, and its post-IPO rally gave the company a market capitalization of nearly $11 billion.

The latest investment brings Netskope’s total raised to $1 billion. This oversubscribed investment round included all other major existing Netskope investors: Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.

“We started Netskope because we saw a cloud-centric, digital-first future of business that simply can’t be achieved using legacy approaches to security and networking,” Netskope CEO and co-founder Sanjay Beri said in a statement. “We were SASE before the term SASE existed.”

Netskope got its start as one of the original cloud access security brokers (CASBs) almost nine years ago. In earlier interview, Beri said it took the rest of the industry a while to come around to his vision of edge-cloud delivered security, which he drew on a napkin in 2012. And it took even longer to give this type of security architecture a buzzy name.

In 2019, Netskope rolled out its NewEdge infrastructure, which it claims is the most connected security network. And a year later, Gartner coined the term SASE, which combines networking and security capabilities delivered at the edge.

Netskope’s SASE platform includes its CASB, zero trust network access, secure web gateway, and its NewEdge private cloud.

“The first napkin I drew in 2012, what we were building, that’s what they are now saying is SASE,” Beri said in an interview following Netskope’s $340 million funding round in 2020. “Palo Alto, a lot of others made fatal flaws, attempting to do this in the public cloud, or trying to forklift their boxes into the cloud. But they don’t understand the language of the cloud, which is APIs, they still speak the old language. They are trying to latch onto the term, but they are not what is meant by SASE.”

Today, Netskope boasts more than 1,500 worldwide customers. This includes more than 30 Fortune 100 companies, two of the world’s largest commercial banks, and five of the biggest global health care providers.