Unscrew Today it turned out that she received 15 million. USD additional funding to create a platform for backups and recovery of data stored in software as a service (SaaS) applications. These funds were part of a series A tour led by Inovia Capital. Rewind focused on cloud service backups and options that competitors don’t address, Rewind CEO Mike Potter said in an interview.
The company claims to have kept data from more than 80,000 organizations worldwide, including Badgley Mischka, Charmin, Magnolia, Pampers, and Paul Mitchel. Other participants in the funding phase were Ridge Ventures and Bessemer Venture Partners.
While most backup providers focus on widely used SaaS applications such as Microsoft Office 365, Rewind has gained traction by focusing on less widely used platforms, Potter said. This strategy paid off during the COVID-19 pandemic, Potter added.
For example, less than 1% of all Intuit-managed Quickbook accounts are currently backed up, Potter said. Other SaaS platforms, Rewind, are supported by BigCommerce and Shopify. In total, Rewind claims that it currently supports more than 33 billion data points across data centers worldwide.
In addition to expanding the number of platforms it supports, the company will also use the capital inflow to expand its sales, marketing and customer service teams, Potter said. Rewind currently has 65 employees.
While SaaS platform providers will rebuild their platforms in the event of a catastrophic failure, it is up to the end user and IT teams to help them protect their data at the personal account level. The biggest data protection issue most organizations are trying to alleviate is when a malicious public user in the SaaS starts deleting critical data at the account level, Potter said.
Eventually, Rewind will support the entire portfolio of the most widely used SaaS applications today, he added. “The opportunity we see is to create a full cloud,” he said.
Organizations, meanwhile, are increasingly using smaller SaaS platforms to meet a specific program requirement, Potter noted.
Competition between many existing data protection platforms is already fierce, but Potter said he won’t expect much to see soon as he consolidates among vendors in that category. He argued that access to investor capital increases the rating of start-ups in this category to such an extent that their acquisition becomes prohibitively expensive.
At the same time, the amount of data that needs to be protected continues to grow exponentially internally and externally the sky, allowing data protection platform providers to significantly increase revenue, Potter said. Founded in 2015, Rewind says revenue has grown by 1,113% over the past three years.
It is unclear whether this level of revenue growth is sustainable, but the number of organizations that do not have a comprehensive approach to data protection and are consistently deployed across multiple cloud platforms is high. In addition, now that more of those platforms are in use, it is only a matter of time before compliance officers start requesting reports proving that the data on those platforms is adequately protected and protected. In the months following the pandemic, many of these requirements were ignored for the sake of serious circumstances, as employees used any SaaS program that they saw fit to keep their business running.
However, many COVID-19 vaccines are likely to be widely distributed by the middle of the year, with most organizations returning to normal requirements soon.
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