Metomic, a data security solution for collaborative SaaS ecosystems, has raised $20 million in a Series A funding round led by Evolution Equity Partners, with participation from Resonance and Connect Ventures. The investment will be used for U.S. expansion efforts, research and development initiatives, and to double down on AI technology to enable safer, more compliant data sharing across SaaS ecosystems.
Metomic provides no-code workflows to automate data policies across SaaS applications, including the ability to deliver real-time notifications directly to employees when they have uploaded sensitive data into the wrong environment. Metomic’s automated platform has prevented more than two million data leak threats lurking in SaaS ecosystems in the last 18 months, while detecting hundreds of millions of sensitive data points within SaaS apps, with 99% of the sensitive data being unnecessarily stored or accessible to people who shouldn’t have access.
Metomic’s solution gives organizations visibility and control of their data across collaborative SaaS applications, including Google Apps, Slack, Jira, and Zendesk, by connecting to the data layer of these popular work tools. It allows security professionals to see what data is being stored, where it is, and who has access to it. Metomic plans to quadruple employee headcount by the end of the year, with its sales and marketing functions headquartered in the U.S.
According to research, SaaS app usage was up 18% last year, with businesses using more than 130 SaaS tools on average across the organization. However, the challenge comes from the lack of visibility and control companies have over what data employees are uploading in SaaS apps and whom they are sharing it with, resulting in PII, confidential information, and security credentials being stored and exposed unnecessarily, often by accident. Metomic’s solution addresses this issue by providing organizations with visibility and control of their data across collaborative SaaS applications.
The company has customers across Europe and North America, with 50% of its customers based in the U.S. Evolution Equity Partners, the leading investor in this round, is excited about Metomic’s approach to SaaS data security and believes it can fill the gap by helping security teams control sensitive data and remain in compliance with regulations.