Israel data backup and recovery company OwnBackup today announced the closing of a $15.5 million financing round co-led by new investor Vertex Ventures and existing investor Insight Venture Partners. Existing investors Innovation Endeavors, Oryzn Capital and Salesforce Ventures also participated in the round.
OwnBackup CEO Sam Gutmann said, "While companies often assume that the SaaS and PaaS vendors are responsible for the data, the company owning the data is still responsible when data is corrupted by accident, malicious intent or through bad code and weak integrations. With the support of our investors, we will continue to provide the ultimate in independent data protection peace of mind -- ensuring that companies have the same data protection in their cloud environments as their on-premise applications. We look forward to building on our successes to date as we use the latest funding to break new ground in the data protection space and fill the security void that many companies were not even aware existed."
Already serving hundreds of mid-sized companies and large enterprises across every major industry, OwnBackup helps customers protect critical cloud data - securing trillions of SaaS/PaaS records every day, preventing data corruption, ensuring business continuity, minimizing operational disruptions and meeting compliance mandates.
Since raising $7.5 million last July, the company has grown rapidly by expanding its market reach, continued its technology innovation, deepened its investment in the Salesforce community, and added strategic partnerships with Sage and Veeva. The company's development center is in Tel Aviv while the headquarters is in Fort Lee, New Jersey.
As more companies embrace SaaS and PaaS environments, security and compliance challenges are intensifying. To meet the rising demand for additional cloud data protection, OwnBackup will use this investment to accelerate its global growth. The funding will drive continued product innovation and support aggressive recruiting efforts to double its team in the US and Israel before the end of the year.
Vertex Ventures’ Aviad Ariel will join Nicolas Wittenborn of Insight Venture Partners and Ziv Kopof Innovation Endeavors on the OwnBackup Board.
Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2018
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