Cybersecurity startup Spin Technology, an all-in-one SaaS data protection platform, has closed its Series A funding round on $16m.
Blueprint Equity led the round, with commitments also coming from Santa Barbara Venture Partners and Blu Venture Investors. As part of the deal, Blueprint Equity managing partner Sheldon Lewis, Santa Barbara Venture Partners managing partner and founder Dan Engel, and Blu Venture Investors partner Robert Struble will join Spin Technology’s board.
With the capital, the company plans to accelerate growth, expand its SaaS offerings and hire more staff to its marketing, sales and engineering teams.
Spin Technology offers an all-in-one SaaS data protection platform that is specifically designed for mission-critical SaaS apps. One of its offerings is automated ransomware protection for SaaS environments that provide two hours incident response against ransomware attack on SaaS data, reducing recovery costs by up to 90%.
Another solution is automated risk assessments of cloud SaaS apps and browser extensions reducing the manual efforts of SecOps teams and helping businesses increase their cybersecurity posture. Other features include data leak prevention, and backup and recovery.
Its all-in-one dashboard provides a single view of cybersecurity and data protection to cloud SaaS environments based on next-generation AI and machine learning.
Spin Technology CEO and founder Dmitry Dontov said, “How we work is now largely defined by where we work, which increasingly means from anywhere rather than from behind an in-office firewall. 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. Now your mission-critical SaaS data of the most popular work environments – Google Workspace, Microsoft Office 365, and Salesforce – are entirely protected against threats or data loss.”
In other CyberTech news, Israel-based cloud CyberTech platform Mesh Security has launched out of stealth alongside the close of a $4.5m seed round. It claims to have built the industry’s first zero trust posture management solution.
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