AppOmni raises $70M to find and protect vulnerabilities in SaaS application stacks

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As more enterprises move applications and workloads to the cloud, there is a growing need for more sophisticated technologies to protect this activity. This has led to multiple funding rounds for startups building products to fill this gap. In the latest development, AppOmni — which created a platform not only to connect and secure SaaS applications, but also to find, isolate, and help fix vulnerabilities that occur when different applications are shared or shared — raised $70 million. CEO Brendan O’Connor said Series C funding will be used to both continue international growth and further develop the platform.

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AppOmni’s customers include large enterprise and tech companies such as Dropbox, Ping, and Accenture, as well as large Fortune 100 financial and healthcare companies that use the platform to both secure their SaaS application stacks (AppOmni integrates with hundreds of SaaS applications, including large companies such as Box , Confluence, Fastly, GitHub, Google Workspace, Jira, Microsoft 365, Salesforce, ServiceNow, Slack, Workday and Zoom) and any custom applications which they build and use with them.

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Thoma Bravo is leading this round, with previous backers such as Scale Venture Partners, Salesforce Ventures, ClearSky and Costanoa Ventures also investing. The estimate has not been released, but as a guideline of where it might be, $123 million has now been raised; Notes in PitchBook that AppOmni was valued at $200 million after deducting the money in the last round of $40 million in Series B in April 2021, which we reviewed here — and it has continued to rise by triple digits ever since. Collectively, it claims to now protect applications spanning 78 million users, 230 million open data records, and over 9 billion monthly events. So even with the pressure we’re seeing on funding in general and the competition from other security startups seeking funding, there are signs that AppOmni is one of the stronger ones.

The gap in the security market that AppOmni is targeting is a longstanding one and in some ways is becoming more important as IT evolves. As more companies fulfill the promise of “digital transformation” and make more and more investments in cloud services, they are adopting a wider range of applications, some of which are “approved” by the IT department and some of which are not. — which users can access from a growing number of endpoints (i.e. devices such as laptops, their desktops, their phones and tablets, through home Wi-Fi, public hotspots, mobile networks, office networks, etc.) . etc.). This spaghetti of permutations, used in a wide range of applications, creates many intersections that unintentionally lead to vulnerabilities.

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They can either be specific to apps — AppOmni says it detects more than 20 unauthorized app uses per interaction on average — or to specific types of data or data records. The startup specializes in finding these loopholes and providing warnings related to them, as well as initiating the process of fixing them. it’s the same generates analytics for security operations teams to get a better picture of network activity, to identify trends, and to process specific events.

O’Connor and his co-founder, CTO Brian Souby, gained experience in studying cyber risk in cloud services through years of work at SaaS companies themselves, perhaps most notably at Salesforce, where O’Connor was senior vice president and “chief officer and Soubi was the director of product safety. Tellingly, their impact on Salesforce has been positive as Salesforce is now an investor and partner in AppOmni. O’Connor went on to work in a similar position at ServiceNow, which, like other SaaS companies, faces many of the same challenges as SaaS applications. conflicting with each other (even though they seem to work together).

“The high-profile SaaS hacks we’ve seen in recent months highlight the urgency facing CSOs,” O’Connor said in a statement. “Customers and prospects across industries are telling us the same thing: security teams need to get a better view of their SaaS environments and automated tools to adequately protect their fast-growing SaaS ecosystems. I founded AppOmni to provide the security solution I wanted while leading the security teams at Salesforce and ServiceNow. I’m excited to partner with Thoma Bravo and our existing investors to further improve and scale our solutions so we can help more organizations around the world secure all of their SaaS environments.”

The existing traction has helped the startup stand out from competitors that include the likes of IBM and Amazon, as well as F5’s Threat Stack.

“Digitalization of business across all sectors has accelerated the need for strong data protection and control, and AppOmni’s security solutions are unmatched in the industry,” added Robert (Tre) Sale, partner at Thoma Bravo. “We’ve been impressed with AppOmni’s rapid scaling, high customer satisfaction, and continuous innovation, and we’re thrilled to partner with Brendan and his team as they capitalize on significant market opportunities.”


Credit: techcrunch.com /

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