Funding round brings in $240 million for OwnBackup

OwnBackup, a New Jersey-based provider of a cloud-based data protection platform, raised $240 million in a Series E funding round that brought its total funds to around $500 million and its valuation to $3.35 billion, according to SecurityWeek. OwnBackup says 4,000 organizations currently use its cloud-to-cloud data protection platform, which allows users to back up and restore data from software-as-a-service and platform-as-a-service software that is lost through integration issues, human error, rogue applications and malicious attacks. The company, which currently offers its product through Salesforce, has partnered with Microsoft to expand into Microsoft Dynamics 365 later in the year, using money raised in the previous funding rounds. “By enabling organizations to automate the backup process and restore the precise data they need in minutes, OwnBackup’s solutions will help Dynamics 365 customers run more business-critical workloads while eliminating the risk of data loss,” Microsoft Chief Technology Officer David Totten said of the collaboration.