The need for more sophisticated tech to secure that activity is growing as more enterprises move their work to the cloud. That has led to a strong run of funding rounds for startup building products. AppOmni, which has built a platform to connect with and secureSaaS apps, but to seek out, highlight and help fix vulnerabilities that arise when different apps are used together or in tandem, has raised $70 million. Brendan O'Connor said the funding will be used to continue international growth and build out the platform.
Fortune 100 financial and healthcare companies, as well as large enterprises, use the platform to secure their SaaS application stacks, and AppOmni integrates with hundreds of software as a service applications.
Previous backers include Scale Venture Partners, ClearSky, and Costanoa Venture. The valuation is not being disclosed but as a marker of where it might be, it has raised $123 million. It says it now protects 78 million users and more than 200 million exposed data records. Despite the pressures on funding and the competition from other security startup looking for funding, there are signs that AppOmni is one of the stronger tier of them.
The evolution of IT has made the gap in the security market more critical than ever. As more companies follow through on the promise of "digital transformation" and embrace doing more and investing more in cloud services, they are adopting an ever-wider array of apps. There is a lot of permutations that are taken across a lot of apps.
According to AppOmni, it finds more than 20 unauthortized app usages across a single engagement, or to specific types of data, or data records. The startup's specialty is to search for and find loopholes, as well as begin the process of fixing them. More comprehensive pictures of activity across the network to identify trends as well as handle specific events are generated by it.
One of the most important parts of the IT stack isSaaS. According to O'Connor, most organizations haven't adequately prioritized the security of the software as a service. There is a lot of data in the cloud. We want to make it easy for businesses and enterprises to keep their data secure.
The cyber risks in cloud services are something O'Connor and Soby have been studying for a long time. Their impact onSalesforce was positive, with the company now an investor and partner. ServiceNow is similar to O'Connor in that it faces many of the same issues of conflicting with each other, even when they seem to work together.
The startup has been able to stand out among its peers due to the traction it has had.
The need for reliable data protection and control has been accelerated by the rise of businesses in all sectors, and AppOmni's security solutions are unparalleled in the industry. We were impressed by AppOmni's rapid scaling, high levels of customer satisfaction and continued product innovation, and we're excited to partner with Brendan and his team as they take advantage of the sizable market opportunity ahead.
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