Spin Technology raises $16M to protect SaaS apps against attacks – TechCrunch

Spin Technology, a data protection software provider that caters to corporate customers, today announced that it has raised $16 million in a Series A round led by Blueprint Equity with participation from Santa. Barbara Venture Partners and Blu Venture Investors. CEO Dmitry Dontov said that the new capital — valuing Spin at $55 million after the money — will be used to support growth, expanding Spin’s software as a service (SaaS) offerings. and develop the startup’s marketing, sales and engineering teams.

Most companies leverage third-party applications to extend their cloud SaaS environments. In fact, companies today use An average of 89 SaaS applications, up 24% since 2016, according to Okta. But while these apps help to offload the work normally done by internal teams, they can expose organizations to attack. For example, third-party apps may ship with misconfigured functionality, integration, and client account connections resulting in a data breach.

Seeking to solve the problem, Dontov co-founded Palo Alto-based Spin in 2017. Dontov, a three-time entrepreneur, said he was inspired to develop a platform that uses AI to detect problems. “Shadow IT” operations in a cloud SaaS environment.


Image credits: Spin Technology

Spin works like a kind of improved anti-virus program, scanning SaaS applications using algorithms and databases of malicious apps and browser extensions. Dontov says that the platform can detect ransomware on platforms including Google Workspace, Microsoft Office 365, and Salesforce, perform backups and automated risk assessments, and allow users to create policies commands to manage access rights.

To date, Spin, which claims to have more than 1,600 customers, has raised $18 million in venture capital. The startup’s success can be partly attributed to investors’ strong interest in cybersecurity – a proven interest in macroeconomic trends. (hitherto). Funding for Cybersecurity VC soaring to a record $11.5 billion in 2021. And in the first half of 2022, it to hit 12.5 billion dollars.

That is not surprising. After all, demand for cybersecurity products remains high. Be my colleague Page Carly writeRansomware attacks accounted for an estimated 2.9 million attacks between January 2021 and August 2021, while supply chain attacks targeting SolarWinds and Kaseye have quadrupled compared to 2020 The European Union’s cybersecurity agency, ENISA, recently warning that traditional cybersecurity defenses are no longer effective against these types of attacks.

Gartner estimate that companies will spend $172 billion on IT security in 2022.

Blueprint Equity’s Sheldon Lewis said in a statement: “The future of work is now, but the security and backup engine needed to support distributed work through SaaS applications has lagged demand. market demand, giving the bad guys plenty of options to exploit.” provided to TechCrunch. “Spin has joined and created an easy-to-use, enterprise-grade backup and security solution that provides users with the greatest SaaS productivity applications without the complexities of management. dealing with security protocols, worries about protection against ransomware, or data storage costs. “

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