Anjuna, a developer of a multi-cloud confidential computing platform, is planning to raise a Series C round in 2025, co-founder and CEO Ayal Yogev told Mergermarket.

Attractive investors for the Series C round include growth investors as well as strategic players that can accelerate the company’s go-to-market or facilitate its expansion into new verticals such as oil & gas and government, the CEO said.

The amount of the round, as well as its exact timing, will be decided once the 2024 results are available, he said.

The size of the round will be also influenced by potential M&A candidates, Yogev said. Anjuna is considering acquisitions of technologies to expand its platform in fields such as homomorphic encryption, he added. It has looked at two acquisition candidates in the past, but they were not a good fit, he said, adding that to date Anjuna has grown organically.

The proceeds of the Series C will finance the company’s go-to-market with a focus on North America, the CEO said.

Headquartered in Palo Alto, California, the company has created Anjuna Seaglass, a platform that can run applications in any cloud with complete data security and privacy. Confidential computing is a cloud technology that can isolate data within a protected central processing unit (CPU) while it is being processed.

This year Anjuna’s undisclosed revenues are growing at 4x compared to last year, Yogev said. He added that the Series C round is expected to take the 40-person company to profitability or close to it. Anjuna’s bookings and customer base have been more than doubling year on year, according to a company presentation.

Founded in 2018, the company has raised a total of approximately USD 67m, the CEO said, declining to disclose its valuation. The most recent financing round was a USD 25m Series B2 that took place on 7 August.

The Series B2 was led by M Ventures, SineWave Ventures and AI Capital Partners. Existing investors Founder Collective, Insight Partners, Playground Global, and Uncorrelated joined the round.

Anjuna is collaborating with NVIDIA [NASDAQ:NVDA] to help advance GPU-accelerated confidential AI for enterprises. The Series B2 is expected to help Anjuna to expand its AI-enabling enterprise offerings including Anjuna Seaglass AI Clean Rooms, which was launched in a private preview in April, according to the company’s website.