Software company Immuta became Boston’s newest unicorn Wednesday, reaching a valuation of more than $1 billion.
The firm said it raised more than $100 million, bringing its total funding to $267 million. Chief executive Matt Carroll said the company now has $200 million in cash on hand, which it will use to fuel a series of acquisitions.
As more businesses move their data to the cloud, they face the challenge of providing access to that information in a way that is secure and in compliance with local privacy regulations. Founded in 2015, Immuta’s software helps companies solve that problem by enforcing data policies at scale.
“Data security isn’t just about protecting the data, but who accesses the data and for what purpose,” Carroll said.
Immuta’s software works with various cloud computing services, including Snowflake, Amazon, Google, and Starburst. Its customers include startups and major corporations across several industries, including financial services and life sciences.
The funding was led by NightDragon and includes the venture arm of data cloud firm Snowflake.
Immuta doubled its headcount last year and now has about 250 employees. It plans to hire an additional 75 people before the end of the year. About a quarter of Immuta’s employees are based in the Seaport District, a number that is expected to grow, Carroll said.