SaaS Application Security Firm AppOmni Raises $40 Million
SaaS security management company AppOmni on Wednesday announced that it has raised $40 million in a Series B funding round, which brings its total funding to more than $53 million.
The latest funding round was led by Scale Venture Partners, with participation from Salesforce Ventures, ServiceNow Ventures, ClearSky, Costanoa Ventures, Inner Loop Capital and Silicon Valley Data Capital. AppOmni says it will use the money to expand its product.
AppOmni’s solutions scan APIs, security controls and configurations associated with SaaS applications, enabling organizations to evaluate their security posture and improve it. The company’s platform can also be used to set rules for data access and data sharing.
The platform covers popular applications from Salesforce, Microsoft, Box, GitHub, Zoom and Slack, and it provides both protection and monitoring capabilities.
AppOmni says its products are used by organizations in the technology, banking, healthcare, financial and cybersecurity sectors.
“Today’s enterprise SaaS platforms are far more powerful and complex than they were in the past. It’s no longer just internal users logging in every day, but also customers, partners, contractors, third party applications, and IoT devices. SaaS systems house extremely sensitive data and have become essential to businesses’ day-to-day operations. It’s important for businesses to recognize that SaaS platforms must be adequately secured and continuously monitored just like other pieces of critical IT infrastructure,” said Brendan O’Connor, CEO of AppOmni.
There are at least half a dozen SaaS security startups and the list keeps growing. Earlier this week, Grip Security emerged from stealth mode with $6 million in seed funding and a platform designed to help organizations discover, monitor and secure their SaaS applications.