Artificial intelligence-powered software-as-a-service data protection startup Spin Technology Inc. has raised $16 million in new funding to accelerate growth, expand its SaaS coverage and increase its headcount.
Blueprint Equity led the Series A round, with Santa Barbara Venture Partners and Blue Venture Investors also participating. Including the new funding, Spin Technology has raised $18 million to date, according to data from Crunchbase.
Founded in 2016, Spin offers a SaaS data protection platform that protects SaaS data against ransomware, human error and insider threats. The company’s service provides protection across multiple environments, including Google Workspace, Microsoft Office 365 and Salesforce Inc.
Spin argues that cloud vulnerabilities and cybersecurity concerns have become top enterprise priorities as application stacks are re-engineered to accommodate remote and hybrid work environments and migrate business-critical data and services to the cloud. Many businesses now use multiple third-party cloud and SaaS apps to extend and enrich their SaaS environments, but that has led to increased data leaks, shadow IT and compliance risks. That’s where Spin steps in.
Its platform “SpinOne” offers all-in-one SaaS data protection designed specifically for mission-critical SaaS apps. SpinOne offers four major areas of protection, starting with ransomware monitoring and response. The ransomware protection functionality provides two-hour incident responses against ransomware attacks on SaaS data, reducing recovery costs by as much as 90%.
Automated risk assessment of cloud SaaS apps and browser extensions in SpinOne reduces the need for manual intervention by SecOps teams and helps businesses improve their cybersecurity posture. Data leak protection in the product understands which data is shared in the cloud to deliver full visibility over business-critical data in the cloud and backup and recovery offers compliance-friendly enterprise-grade backups to secure cloud environments with versioning and granular recovery capabilities.
“How we work is now largely defined by where we work, which increasingly means from anywhere rather than from behind an in-office firewall,” Dmitry Dontov, founder and chief executive of Spin Technology, said in a statement. “That’s added a lot of pressure on enterprise security teams to ensure remote and hybrid teams enjoy the flexibility of SaaS applications but remain protected against an ever-broadening threat environment. SpinOne remedies the problem security teams have created for themselves by cobbling together disparate SaaS security applications.”
Image: Spin Technology
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