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At a Glance
AppOmni, a startup providing security management solutions for SaaS apps, has raised $40 million in a Series B fund led by Scale Ventures. Without disclosing their valuation, the total funding for AppOmni stands at $53 million.
Salesforce Ventures, ServiceNow Ventures, and other previous backers such as ClearSky, Costanoa Ventures, Inner Loop Capital, and Silicon Valley Data Capital, had also participated in the funding.
The funding comes at a time for AppOmni’s when their stats are at an all-time high. In a rising demand for security, the company has grown 900 percent with a 100 percent customer retention, having lost no customer to date, as per CEO Brendan O’ Connor.
Surging security demand
With enterprises’ requirements for SaaS applications going up, so do security concerns. Phishing, credential stuffing, and other malicious activities asunder, integration between apps expose holes, otherwise unintended in the process.
When apps are linked together, big problems occur indirectly due to a flow of sensitive data. According to AppOmni, about 55 percent of companies have sensitive data on their systems that can be inadvertently exposed to the internet without protection.
AppOmni today integrates with over 100 connectors and platforms. In addition to normalizing events on SaaS apps by integrating with the apps themselves in some cases, AppOmni also provides for deeper monitoring. Their integrations include some of the big apps which enterprises use, such as Zoom, Slack, and Salesforce.
Scale Ventures, who led the funding, are also a customer of AppOmni since 2020. Expressing delight at the partnership, Stating that they were more aware of how AppOmni differentiates itself better from others in protecting sensitive SaaS data. Ariel Tseitlin, a partner at Scale Ventures, said,
AppOmni’s 9x growth last year, driven by the acquisition of customers across a wide range of industries, proves that AppOmni is the market leader in the increasingly important SaaS Security Management market. We expect the momentum to continue in 2021 and beyond as companies accelerate their shift to cloud applications to support their larger remote workforces.Ariel Tseitlin, a partner at Scale Ventures