Data protection is vital in a world where cyberattacks are a constant threat to organizations. US company Spin Technology has managed to find a niche in this climate as a data protection company that specializes in software as a service (SaaS) protection.
This niche was well chosen as Okta has found that companies use an average of 89 SaaS applications, and this will undoubtedly grow as hybrid and remote work continues to push organizations to cloud services.
Spin monitors applications and scans them for malware and abnormalities. This process has made it a desirable product, and the company has 1,600 customers.
The start up has now managed to raise $16 million in its Series A funding round. The round was led by Blueprint Equity with support from Santa Barbara Venture Partners and Blu Venture Investors.
Spin Technology is currently valued at $55 million.
Next steps in cybersecurity
The valuation and capital raised may not surprise those who have kept a close eye on the cybersecurity market. There is strong interest in the sector, and venture capital funding for Cybersecurity firms hit a record of $11.5 billion in 2021.
While some venture capital investments have depreciated in value of late, in the first half of 2022, cybersecurity hit a new funding peak of $12.5 billion.
With this in mind, it is unsurprising that Spin has managed to reach such an impressive round of funding.
Spin now intends to invest in its growth, while expanding its SaaS offerings. This plan will be underpinned by investment in sales, marketing, and engineering staff.
Discussing the investment, managing partner at Blueprint Equity, Sheldon Lewis told TechCrunch: “The future of work is now, but the security and backup apparatus needed to support distributed work through SaaS apps has lagged the needs of the market, giving bad actors a broad range of options for exploits.
“Spin has stepped in and created a simple-to-use, enterprise-strength security and backup solution that delivers for users of the largest SaaS productivity apps, without the complexity of managing security protocols, the anxiety of defending against ransomware, or the costs of data storage.”
Evidently, Spin and its investors believe the value of the tool is only going to increase. Of course, only time will tell if a SaaS-focused tool can thrive in the ever-changing world of work.
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