Spin Technology, a data protection software vendor that caters to enterprise clientele, has raised $16 million in a Series A round of financing. The new capital will be used to support growth, expand Spin's software-as-a-service offerings, and grow the startup's marketing, sales and engineering teams.
Third-party apps are used to extend cloud environments. According to Okta, companies use an average of 89 software as a service applications. These apps can expose organizations to attack if they are not careful. Third-party apps can ship with features that lead to data breeches.
Dontov co- founded Spin in order to tackle the problem. Dontov was inspired to create a platform that uses artificial intelligence to detect shadow IT activities in cloud environments.
Spin Technology is used in this image.
Spin uses a database of malicious apps and browser extensions to detect and remove them. Dontov says that the platform can detect and protect against all types of cyberattacks, including ransomware.
Spin has raised $18 million in venture capital. The success of the startup can be partly attributed to strong investor interest in the cybersecurity sector. The amount of Cybersecurity VC funding increased to a record $11.5 billion in 2011. In the first half of the 21st century, it reached $12.50 billion.
That is unsurprising. The demand for cybersecurity products is still high. Supply chain attacks that targeted SolarWinds and Kaseye increased fourfold over the course of the year, while the number of attacks on the internet decreased. Traditional cybersecurity protections are no longer effective in protecting against these types of attacks.
It is estimated that companies will spend $172 billion on IT security in the next five years.
The future of work is now, but the security and backup apparatus needed to support distributed work through software as a service has not kept up with the needs of the market. Spin has 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.