Data security solution firm Metomic has raised $20 million in a Series A funding round, which was spearheaded by Evolution Equity Partners and included Resonance and Connect Ventures.

The money will be invested in the company’s artificial intelligence technology and projects for research and development in the US. To help security, privacy, and compliance teams automate data policies across software-as-a-service (SaaS) apps, the company provides no-code procedures. Metomic enables security experts to view what data is being saved, where it is located, and who has access to it to give organisations visibility and control over their data across collaborative SaaS apps.

In the past 18 months, Metomic’s AI engine has stopped over 2 million data leaks in SaaS ecosystems. It found that 99% of sensitive data in SaaS apps is either unnecessary or accessible to individuals who shouldn’t have it.

Congrats Metomic team.

Key thinking and insights

Software-as-a-Service (SaaS) has experienced tremendous growth in recent years, which is predicted to continue. The global SaaS market was estimated to be worth $158.2 billion in 2020 and is anticipated to rise at a compound annual growth rate (CAGR) of 10.5% to reach $307.3 billion by 2026. (Huge growth rate). The adoption rate is rising rapidly in all sectors, with 73% of businesses predicting that by 2021, almost all of their apps would be SaaS. Cloud computing is also a significant factor in the expansion of SaaS, with Gartner predicting that global public cloud service spending would increase 23.1% to $332.3 billion in 2021.

SaaS software’s subscription-based business model is becoming more and more well-liked since it gives developers a more stable source of income and lets users only pay for what they actually require. Mobile workforce and digital transformation are also contributing to the growth.

More information

• Metomic press release

Please note

I have no affiliation with the companies/technology/people mentioned, and it is designed to highlight the thinking. This analysis is 100% independent for the benefit of the data/business community.

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