AppOmni, a SaaS security management platform provider, has raised $40 million in a Series B funding round led by venture capital firm Scale Venture Partners. The venture capital divisions of Salesforce and ServiceNow also participated in the funding round, which brings AppOmni's total financing raised to over $53 million as of April 2021.
SaaS security solutions help organizations protect data in subscription-based cloud applications. They ultimately could help MSPs and MSSPs discover, configure, monitor and secure apps across customers' SaaS environments.
With the Series B funding, AppOmni will accelerate its product development, the company said. In addition, AppOmni will use the funding to explore ways to expand its SaaS security management platform's capabilities.
AppOmni's SaaS Security Capabilities
Security and IT teams can use AppOmni's platform to manage security posture and risk across SaaS applications. Key capabilities of AppOmni's platform include:
- Compliance: Provides enforcement of SaaS controls to comply with security and privacy regulations
- Data Access and Exploration: Helps security and IT teams identify, fix and prevent internal and external data access misconfigurations
- Security Posture Management: Provides visibility across SaaS environments
- Threat Monitoring and Detection: Identifies abnormal, inappropriate or suspicious activities and alerts security and IT teams
AppOmni recorded 9x growth in 2020, said Ariel Tseitlin, partner at Scale Venture Partners, though he did not disclose actual revenue figures.
Venture Capital Firms Fund SaaS Security Startups
The AppOmni financing comes after several SaaS security startups raised funding in April 2021, including:
- Adaptive Shield: Raised $4 million in seed funding
- DoControl: Secured $10 million in Series A funding
- Grip Security: Received $6 million in seed funding
See MSSP Alert's regularly updated list of SaaS security startup funding announcements here.
