Metomic raises USD 20 million in a Series A funding round

Apart from expanding in the US, Metomic, which offers a data security solution focused exclusively on SaaS ecosystems, will also invest in research and development initiatives in order to protect sensitive data in SaaS applications. The company will also further develop its AI technology in a bid to ensure safer, more compliant data sharing across collaborative software-as-a-service (SaaS) ecosystems. The Series A funding round was led by Evolution Equity Partners with participation from Resonance and Connect Ventures. 

Metomic’s no-code workflows are being used by security, privacy and compliance teams to automate data policies across their SaaS applications. For instance, they can enable real-time notifications for employees that have uploaded sensitive data into the wrong environment. 

The company also helps organisations to achieve greater visibility and control of their data when it comes to collaborative SaaS applications such as Slack, Jira, Zendesk and Google Apps. It achieves this by linking to the data layer of these work tools while allowing security professionals to see what data is being stored, in what location, and who can access it. 

Regarding this new funding round, Metomic officials highlighted their partnership with Evolution Equity and commended them for understanding the business value of their technology. Metomic’s customer base is located in Europe and North America, with half of its customers based in the US. The company plans to expand its employee headcount by the end of 2023. 

Evolution Equity Partners is an international venture capital investor that works with notable entrepreneurs to develop cybersecurity and enterprise software companies. Evolution is interested in companies that use big data, artificial intelligence, SaaS, and machine learning.

Data visibility in the SaaS ecosystem

According to uktech.news, SaaS app usage increased by 18% in 2022 as businesses used, on average, more than 130 SaaS tools across their organisations. The problem is that companies need more visibility when it comes to the data that employees are uploading in SaaS apps, and whom they are sharing it with. 

This leads to personally identifiable information, confidential information, and security credentials being stored and exposed unnecessarily and many times unintentionally. According to the same source, Metomic’s automated platform has prevented more than two million data leak threats in SaaS ecosystems in the past 18 months. It has also detected hundreds of millions of sensitive data points within SaaS applications.