OwnBackup raises $15.5m to protect financial services data
OwnBackup, a startup helping the financial services industry protect and recover data, has closed a $15.5m round of funding.
The round was co-led by new investor Vertex Ventures and existing investor Insight Venture Partners. Existing investors Innovation Endeavors, Oryzn Capital and Salesforce Ventures also participated in the round, which takes its fundraising total to $26.5m. As part of the round, Vertex Ventures’ Aviad Ariel will join Nicolas Wittenborn of Insight Venture Partners and Ziv Kop of Innovation Endeavors on the OwnBackup Board.
With financial services being one of the most highly regulated industries in terms of data protection, it is critical for companies to protect sensitive data. Financial Services companies must comply with Sarbanes Oxley, GLBA, PII, and PCI regulations, among other laws, to protect customer data.
“OwnBackup has emerged as a cloud-era leader in data protection by putting its visionary technology into practice,” said Aviad Ariel, general partner at Vertex Ventures Israel. “Its impressive growth in the last year demonstrates that the company is primed to dominate the evolving SaaS/PaaS data protection industry as more companies realize the need to better secure critical application data in the cloud and comply with regulatory requirements such as GDPR and HIPAA.”
OwnBackup is a cloud-to-cloud backup and restore vendor, providing secure, automated, daily backups of SaaS and PaaS data, as well as sophisticated data compare and restore tools for disaster recovery. Its technology, which is built on the Salesforce Platform and available on the Salesforce AppExchange, covers data loss and corruption caused by human errors, malicious intent, integration errors and rogue applications.
OwnBackup preserves data for regulatory compliance by providing unlimited storage to help allow clients to retain and retrieve all their records for as long as they need to. In addition to financial services, the company also serves customer in the healthcare, insurance, technology, non-profit, higher education, manufacturing and media industries.
“While companies often assume that the SaaS and PaaS vendors are responsible for the data, the company owning the data is still responsible when data is corrupted by accident, malicious intent or through bad code and weak integrations,” OwnBackup CEO Sam Gutmann added.
“With the support of our investors, we will continue to provide the ultimate in independent data protection peace of mind – ensuring that companies have the same data protection in their cloud environments as their on-premise applications.”
The company will use the capital to drive continued product innovation and support aggressive recruiting efforts to double its team in the United States and Israel before the end of the year.
