附近上门

San Francisco-based raised a $40 million Series B as more enterprises look at ways to secure the growing amount of SaaS applications being used in their workplaces.

Subscribe to the 附近上门 Daily

The new round was led by , with participation from and and existing investors , , and . Founded in 2018, the company has raised more than $53 million to date.

AppOmni helps聽 companies secure the applications their employees use聽鈥� including the data that flows in and out of the apps. That has become more important as SaaS applications have exploded across the enterprise work landscape, with employees reliant on platforms such as , Teams and .

That rapid adoption of SaaS applications by more and more enterprises convinced AppOmni the time was right to raise money.

鈥淲e鈥檙e taking this investment to unrestrain our growth,鈥� said co-founder and CEO .

Changing environment

In the past, companies often sought to secure the perimeter and endpoints of their networks, but聽 now new SaaS security is needed as applications are becoming the new business operating system, said O鈥機onnor.

鈥淎pplications do not run on the endpoint, they run on the cloud,鈥� he said.

The need for SaaS security helped lead AppOmni to more than 900 percent growth from 2019 to 2020, said O鈥機onnor.

, partner at Scale, said his firm did a large research application last year to identify the future of cloud application security, after realizing major SaaS platforms were becoming actual operating systems and needed better security than what was being offered.

鈥淲hen AppOmni was ready for its Series B, we had no hesitation that it was the right investment for us,鈥� said Tseitlin.

Growing market

Security around SaaS applications has proven popular among investors. Just last week New York-based raised a $10 million Series A, as it looks to compete in a market that includes AppOmni, and .

O鈥機onnor did not name specific competitors, but said his 50-plus-person company competes on some levels with older cloud access security brokers and penetration testing companies.

Regardless of the competition, both O鈥機onnor and Tseitlin said the company has a tremendous opportunity to grow into its own standalone company as SaaS application usage keeps increasing.

鈥淚t’s a massive market opportunity,鈥� Tseitlin said. 鈥淐ompanies on average use over 100 SaaS applications. Defining the standard for what it means for a cloud application to be secure for the long tail of applications out there is an even more massive opportunity that we’re excited for.鈥�

Illustration: