Spin Technology, developer of the ultimate all-in-one SaaS data protection platform ‘SpinOne' for mission-critical SaaS apps, 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.
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.
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.
Dmitry Dontov, CEO and Founder, Spin Technology
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.
