Spin Technology Closes $16 Million Series A Funding
Remote and Hybrid Work Demand for Google Workspace, Office 365 and Salesforce Applications Create New Challenges for Security Teams
Palo Alto, Calif., August 9, 2022 (ACCESSWIRE) — Spin Technology, Inc., developer of the ultimate all-in-one SaaS data protection platform ‘SpinOne’ for mission-critical SaaS apps, today announced it has closed a $16 million Series A round of financing. Blueprint Equity led, with Santa Barbara Venture Partners and Blu Venture Investors also participating. Blueprint Equity’ Sheldon Lewis, Santa Barbara Venture Partners’ Dan Engel, and Blu Venture Investors’ Robert Struble will take seats on Spin’s Board. The new funding will be used to accelerate growth, expand Spin’s SaaS offerings, and grow the company’s marketing, sales, and engineering teams.
Cloud vulnerabilities and cybersecurity concerns have become top enterprise priorities as organizations re-engineer their application stacks to accommodate remote and hybrid work environments and migrate business-critical data and services to the cloud. Many businesses use multiple third-party cloud/SaaS apps to extend and enrich their SaaS environments. As a result, easy access to third-party apps has led to increased data leaks, shadow IT, and compliance risks.
“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,” said Dmitry Dontov, CEO and Founder, Spin Technology. “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.”
Spin Technology’s platform ‘SpinOne’ is an all-in-one SaaS data protection platform designed specifically for mission-critical SaaS apps. SpinOne is a combination of four innovative offerings, including:
- Ransomware monitoring and response – Automated ransomware protection for SaaS environments that provides 2 hours incident response against ransomware attack on SaaS data, as a result, it reduces recovery costs by as much as 90 percent.
- Apps risk assessment – Automated risk assessments of cloud SaaS apps and browser extensions reducing the manual efforts of SecOps teams and helping businesses increase their cybersecurity posture.
- Data leak prevention (DLP) – Understand which data is shared in the cloud and with whom, and get full visibility over your business-critical data in the cloud.
- Backup and recovery – Compliance friendly enterprise-grade backups to secure cloud environments with versioning and granular recovery capabilities.
“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,” said Sheldon Lewis, Managing Partner, Blueprint Equity. “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.”
An all-in-one dashboard provides a simple single view of cutting-edge cybersecurity and data protection to cloud SaaS environments based on next-generation artificial intelligence (AI) and machine learning (ML). In addition, SpinOne provides industry-leading tools to address modern cybersecurity challenges in cloud SaaS environments.
“Spin Technology is one of those rare companies with the right solution for a rapidly growing market that’s falling-down simple for its customers to use, with a commanding and defensible technology that its competitors just can’t catch,” said Dan Engel, Managing Partner, Santa Barbara Venture Partners. “We’re excited to be a part of the team that came together for this round, and can’t wait to see what Dmitry and his team are going to do with this technology as they bring on even more Fortune list-level customers.”
“Spin aligns well with our cyber portfolio and we look forward to putting our knowledge of the space to work helping Dmitry build upon the tremendous growth Spin has enjoyed thus far,” said Robert Struble, Partner, Blu Venture Investors. “We look forward to being a part of this fast-growing company and helping it deliver the best technology for protecting the critical SaaS applications the world relies on for how we work now and into the future.”
To request a demo of SpinOne, or to get more information, please click here.
About Spin Technology
Spin Technology is a SaaS data protection company protecting enterprises against SaaS ransomware, human error, and insider threats.
SpinOne, the all-in-one SaaS data protection platform for your mission-critical SaaS Apps, extends security across multiple environments, including Google Workspace, Microsoft Office 365 and Salesforce. SpinOne is the ultimate SaaS data protection platform that delivers the most innovative last line of cyber defense, SaaS data management, and protection for more than 1,600 organizations worldwide. For more information, please visit: spin.ai
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