AppOmni Closes $40 Million Funding Round Led by Scale Venture Partners
April 2021 by Marc Jacob
AppOmni announced that the company has raised $40 Million in Series B funding. This investment will enable the company to accelerate product development to meet the growing global demand fueled by the adoption of cloud technology and accelerated by the shift to remote work. Scale Venture Partners led the investment, with participation from industry leading SaaS providers Salesforce Ventures and ServiceNow Ventures. Existing investors including ClearSky, Costanoa Ventures, Inner Loop Capital and Silicon Valley Data Capital also participated, bringing the total funding to date to more than $53 million.
The growing reliance on SaaS software and remote work during the pandemic has dramatically changed access points into organizations’ sensitive data and IT systems. According to Gartner, enterprises are investing in SaaS at a record high rate, estimating that 95 percent of new enterprise applications purchases are cloud-based. With an increase in adoption of SaaS applications, the focus on managing and securing these applications is critical. However, CISOs are flying blind when it comes to how their employees, customers, APIs, and third-party applications are accessing data from outside of the corporate network. AppOmni data shows that 95% of enterprises have overprovisioned permissions for external users giving them access to sensitive internal data. In addition, 55% of companies have sensitive SaaS data that has been inadvertently exposed to the anonymous internet and requires no user or password for access.
AppOmni makes it simple for CISOs, enterprise security, and IT teams to fully secure their growing SaaS environments. This latest investment follows a year of expansion for the company which included extending the AppOmni platform to include the most widely adopted and business critical SaaS applications on the market including Salesforce, Github, Microsoft Office 365, Microsoft Teams, Box, Slack, and Zoom. The platform offers a full suite of SaaS security posture, protection, and monitoring capabilities. The company’s customer base has expanded to include global leaders across technology, healthcare, banking, finance, and cybersecurity. In the past year, AppOmni has also created new and expanded partnerships with implementation providers worldwide, including Accenture, PwC, 4C/Wipro, Optiv, Activereach, Guidepoint Security, and NCC group.