SaaS security management startup AppOmni raises $40M round
Software-as-a-service security management startup AppOmni Inc. has raised $40 million in new funding to accelerate product development to meet growing demand fueled by the adoption of cloud technology and the shift to remote work.
The Series B round was led by Scale Venture Partners and included Salesforce Ventures, ServiceNow Ventures, ClearSky, Costanoa Ventures, Inner Loop Capital and Silicon Valley Data Capital.
Founded in 2018, AppOmni offers a security management platform that provides data access visibility, management and security to SaaS solutions. Designed to enable organizations to secure mission-critical and sensitive data, the platform deeply scans application programming interfaces, security controls and configuration settings to evaluate the current state of SaaS deployments and compare against best practices and business intent.
AppOmni’s platform offers three core features: discover, the ability to identify risks that jeopardize the security posture of enterprise SaaS apps; protect, protection for securing sensitive data against unauthorized access, loss and compromise; and monitor, the ability to observe configuration changes, user activity and access continuously.
Thanks to the COVID-19 pandemic, the company says, the growing reliance on SaaS software and the switch to remote work has dramatically changed access points into an organization’s sensitive data and information technology systems, resulting in a critical need to manage and secure these applications. AppOmni data shows that 95% of enterprises have overprovisioned permissions for external users, giving them access to sensitive internal data. An additional 55% of companies have sensitive SaaS data that has been inadvertently exposed to the anonymous internet and requires no username or password for access.
With the switch to remote working, AppOmni has seen nine times growth in the last year, off an undisclosed base. It has extended its platform to include the most widely adopted and business-critical SaaS applications on the market, including Salesforce, Github, Microsoft Office 365, Microsoft Teams, Box, Slack and Zoom.
Notable customers include Accenture plc, Tenable Inc., Ping Identity Corp., Dropbox Inc., Personal Capital, Reltio Inc., Hellosign and Scale.
“Today’s enterprise SaaS platforms are far more powerful and complex than they were in the past,” Brendan O’Connor, chief executive officer of AppOmni said in a statement. “It’s no longer just internal users logging in every day, but also customers, partners, contractors, third-party applications and IoT devices.”
Including the new funding, AppOmni has raised $53 million to date.
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