Spin Technology Closes $16 Million Series A Funding Round

Spin Technology, Inc., developer of an all-in-one SaaS data protection platform SpinOne for mission-critical SaaS apps, 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 company’s growth, expand SaaS offerings, and grow its marketing, sales, and engineering teams.

Cloud vulnerabilities and cybersecurity concerns have become 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 vs. an ever-broadening threat environment,” said Dmitry Dontov, CEO and founder. “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 vs. threats or data loss.”

SpinOne is an all-in-one SaaS data protection platform designed specifically for mission-critical SaaS apps.

It is a combination of four innovative offerings, including:
• Ransomware monitoring and response – Automated ransomware protection for SaaS environments that provides 2 hours incident response vs. ransomware attack on SaaS data, as a result, it reduces recovery costs by 90%.
• 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 vs. ransomware, or the costs of storage.“

An all-in-one dashboard provides a simple single view of cybersecurity and data protection to cloud SaaS environments based on next-gen AI and ML. In addition, SpinOne provides 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.”

About Spin Technology
It is a SaaS data protection company protecting enterprises vs. SaaS ransomware, human error, and insider threats. SpinOne, the all-in-one SaaS data protection platform for mission-critical SaaS Apps, extends security across multiple environments, including Google Workspace, Microsoft Office 365 and Salesforce. It’s a SaaS data protection platform that delivers an innovative last line of cyber defense, SaaS data management, and protection for more than 1,600 organizations WW.