Funding round secures $16M for Spin Technology

TechCrunch reports that data protection software provider Spin Technology has landed $16 million in a Series A funding round, which will be allocated toward further expansion as it aims to strengthen the defenses of software-as-a-service apps against cyberattacks. Since its emergence in 2017, Spin has moved to develop the SpinOne platform, which co-founder and CEO Dmitry Dontov said was advanced by the need for shadow IT tracking using artificial intelligence in cloud SaaS environments. SpinOne could also enable ransomware detection in Microsoft Office 365, Google Workspace, and Salesforce, according to Dontov. "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. 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," said Sheldon Lewis of Blueprint Equity, which led the investment round.