https://techcrunch.com/2022/08/09/spin-technology-raises-16m-to-protect-saas-apps-against-attacks/

Spin Technology, a data protection software vendor catering to enterprise clientele, today announced that it raised $16 million in a Series A round led by Blueprint Equity with participation from Santa Barbara Venture Partners and Blu Venture Investors. CEO Dmitry Dontov said that fresh capital — which values Spin at $55 million post-money — will be put toward supporting growth, expanding Spin’s software-as-a-service (SaaS) offerings, and growing the startup’s marketing, sales and engineering teams.

Most firms leverage third-party apps to extend their cloud SaaS environments. In fact, companies today use 89 SaaS apps on average, up 24% since 2016, according to Okta. But while these apps help offload the work normally done by internal teams, they can expose organizations to attack. For example, third-party apps can ship with misconfigured guest account functionality, integrations and connections that lead to data breaches.