Spin Technology Closes $16M Series A Funding Round to Disrupt the Saas Data Protection Market

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Remote and hybrid work demand for Google Workspace, Office 365 and Salesforce apps creates new challenges for security teams

PALO ALTO, Calif. /ACCESSWIRE/August 9, 2022/ Spin Technology, Inc.., developer of the all-in-one SaaS data protection platform “SpinOne” for mission-critical SaaS applications, today announced the closing of a $16 million Series A funding round. Master plan equity driven, with Santa Barbara Venture Capital Partners and Blu Venture Investors also participate. Sheldon Lewis of Blueprint Equity, Dan Engel of Santa Barbara Venture Partners and Robert Struble of Blu Venture Investors will serve on Spin’s board. The new funding will be used to accelerate growth, expand Spin’s SaaS offerings, and expand the company’s marketing, sales, and engineering teams.

Cloud vulnerabilities and cybersecurity issues have become top business priorities as organizations redesign their application stacks to accommodate remote and hybrid working environments and migrate critical data and services to the cloud. Many companies use multiple third-party cloud/SaaS applications to extend and enrich their SaaS environments. As a result, easy access to third-party applications has led to increased data leaks, shadow computing, and compliance risks.

“The way we work is now largely defined by where we work, which increasingly means from anywhere rather than behind a firewall in the office. This has added a lot of pressure on the teams of enterprise security to ensure remote and hybrid teams benefit from the flexibility of SaaS applications but stay protected against an ever-widening threat environment,” said Dmitry Dontov, CEO and Founder of Spin Technology. “SpinOne solves the problem that security teams have created for themselves by tinkering with disparate SaaS security applications. Now your critical SaaS data from the most popular work environments – Google Workspace, Microsoft Office 365 and Salesforce – is fully protected against threats or data loss.”

Spin Technology’s SpinOne Platform is an all-in-one SaaS data protection platform designed specifically for mission-critical SaaS applications. SpinOne is a combination of four innovative offerings, including:

  • Ransomware monitoring and response – Automated ransomware protection for SaaS environments that provides 2-hour incident response against ransomware attacks on SaaS data, reducing recovery costs by up to 90%.

  • Application Risk Assessment – Automated risk assessments of SaaS cloud applications and browser extensions reducing manual efforts for SecOps teams and helping companies strengthen their cybersecurity posture.

  • Data Leakage Prevention (DLP) – Understand what data is shared in the cloud and with whom, and get full visibility into your critical data in the cloud.

  • Backup and Recovery – Compliance-compliant 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 applications lags behind market needs, giving bad actors a wide range of ‘options for exploits’, said Sheldon Lewis, Managing Partner, Blueprint Equity.“Spin stepped in and created an easy-to-use, enterprise-grade security and backup solution that gives users the greatest SaaS productivity applications, without the complexity of managing security protocols, anxiety to defend against ransomware or data storage costs.”

An all-in-one dashboard provides a single, simple view of industry-leading cybersecurity and data protection for cloud-based SaaS environments built on new artificial intelligence (AI) and machine learning (ML) generation. Additionally, SpinOne provides state-of-the-art 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 is simple for its customers to use, with powerful and defensible technology that its competitors simply cannot catch,” said Dan Engel, Managing Partner, Santa Barbara Venture Partners. “We’re thrilled to be part of the team that’s come together for this round, and we can’t wait to see what Dmitry and his team do with this technology as they bring even more customers to the Fortune list.”

“Spin aligns well with our cyber portfolio and we look forward to putting our knowledge of space to work helping Dmitry capitalize on the tremendous growth Spin has seen so far,” said Robert Struble, Partner, Blu Venture Investors. “We look forward to being part of this fast-growing company and helping it deliver the best technology to protect the critical SaaS applications the world relies on for the way we work now and in the future.

To request a SpinOne demo, or for more information, please click here.

About Spin Technology

Spin Technology is a SaaS data protection company that protects businesses against SaaS ransomware, human error, and insider threats.

SpinOne, the all-in-one SaaS data protection platform for your critical SaaS applications, extends security to multiple environments including Google Workspace, Microsoft Office 365, and Salesforce. SpinOne is the ultimate SaaS data protection platform that delivers the most innovative latest line of cyber defense, SaaS data management and protection for over 1,600 organizations worldwide. For more information, please visit: https://www.spin.ai/

Contact:

Jennifer Jewett | Escalate PR
[email protected]

THE SOURCE: Spin Technology

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https://www.accesswire.com/711326/Spin-Technology-Closes-16-Million-Series-A-Funding-Round-to-Disrupt-Saas-Data-Protection-Market

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