The creator of the all-encompassing SaaS data protection platform “SpinOne” for mission-critical SaaS apps, Spin Technology, Inc., announced today that it has completed a $16 million Series A round of financing. Santa Barbara Venture Partners and Blu Venture Investors joined, with Blueprint Equity serving as the primary participant. Sheldon Lewis of Blueprint Equity, Dan Engel of Santa Barbara Venture Partners, and Robert Struble of Blu Venture Investors will join Spin’s board. The additional cash will be used to speed up growth, increase SaaS options at Spin, and expand the marketing, sales, and technical teams at the business.
Organizations are re-engineering their application stacks to support remote and hybrid work environments and shift business-critical data and services to the cloud, which has raised worries about cloud vulnerabilities and cybersecurity. Numerous cloud/SaaS apps from third parties are used by many enterprises to enhance and expand their SaaS setups. As a result, greater data leaks, shadow IT, and compliance issues have been brought on by easy access to third-party apps.
“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, of 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.”
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 gives cloud SaaS systems based on next-generation artificial intelligence (AI) and machine learning a straightforward, unified perspective of cutting-edge cybersecurity and data protection (ML). Additionally, Spinone offers technologies that are unmatched in the industry for addressing contemporary cybersecurity concerns in cloud SaaS systems.
“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.”
A SaaS data protection company called Spin Technology guards businesses against insider threats, human mistakes, and SaaS ransomware.
Spinone extends security across a variety of settings, including Google Workspace, Microsoft Office 365, and Salesforce. Spinone is an all-in-one SaaS data protection platform for your mission-critical SaaS Apps. For more than 1,600 enterprises globally, Spinone is the best SaaS data protection platform, providing the most cutting-edge final line of cyber security, SaaS data management, and protection.