Canadian company Rewind, that provides data backup plus recovery tools intended for SaaS apps, increases $65M Series W, following $15M Collection A in The month of january (Paul Sawers/VentureBeat)

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Rewind , a data back-up and recovery system for software-as-a-service (SaaS) applications, has elevated $65 million inside a series B circular of funding.

Founded away from Ottawa, Canada within 2015, Rewind in the past offered data back-up services for companies running Shopify, BigCommerce, and Intuit QuickBooks, but earlier this year the business acquired BackHub to increase its support in order to GitHub and later additional support for Trello .

Shared responsibility

The “problem” that Rewind as well as its ilk are trying to solve is that the majority of SaaS platforms run what is known as a “shared responsibility” model, where the platform owner (e. g. Shopify) is definitely obliged to provide infrastructure-level disaster recovery plus security, so that in case of a systemwide disaster it may reinstate all the customers’ accounts in a single fell swoop. Nevertheless , the customer themselves are nevertheless responsible for the security plus management of person accounts on their own example, including password administration, permissions, and copying data.

While there may be a few alternative solutions offered to customers looking to back-up their data within SaaS apps for example Trello, they are usually resource-intensive endeavors — and they won’t ensure it is easy to restore the information in the event of a disaster. Which, ultimately, is what Rewind is set up for — it’s about “versioning, ” giving SaaS app users the particular control to restore any kind of files or information to a specific time and time.

Over: Shopify: restore

Gartner forecasts global “public cloud end-user spending” to grow 18% within 2021, of which SaaS remains the largest  segment — it is estimated to hit $117. 7 billion this season, up from $101 billion in 2020.

“As businesses become more dependent on cloud equipment and the data kept within them, getting backups will likely turn out to be standard practice to get both data plus business continuity, ” Rewind cofounder plus CEO Mike Potter told VentureBeat. “While enterprise backup gamers are tackling the main software tools such as Microsoft and Salesforce, the industry is starving for the ability to with confidence backup and quickly restore data through the growing list of apps and cloud equipment that keep companies running. That is exactly where Rewind comes in. ”

Furthermore, with the rapid changeover to cloud-based providers comes myriad exterior (and internal) dangers, including human mistake, cyberattacks and the growing scourge of ransomware , though Potter observed that there are numerous factors its customers report for requiring information backup and recuperation services.

“Cyberattacks and ransomware are certainly a growing business threat, ” he said. “But the reasons we nevertheless most often hear about are usually eliminating the work cost of manual brings back; compliance for designations such as SOC2 , HIPAA , or even ISO ; information or business continuity; and protecting mental property. ”

Demand

Prior to at this point, Rewind had elevated a little over $15 million, most of which usually arrived via the series A circular announced back in The month of january . With an additional $65 million within the bank, from famous investors such as Understanding Partners, Bessemer Endeavor Partners, Atlassian Endeavors, Union Ventures, FundFire, Inovia Capital, Shape Ventures, and ScaleUp Ventures, the company can be well-financed to cash in on the growing cross-industry push to the impair .

But why increase again so right after its last circular of funding? It is all about doubling upon the growth they have seen through the outbreak, driven substantially from the rapid embrace associated with remote work .

“The demand for impair backup services will be continually increasing, specifically as companies are selecting to remain remote or even embrace hybrid function scenarios, ” Potter explained. “We are searching to sustain the particular growth we have noticed since 2020. This particular latest round will certainly let us continue to create new backup options for SaaS, plus hire the skill required to get these items to market. ”

Rewind’s increase comes hot at the heels of a quantity of other players within the space announcing substantial investments, including OwnBackup, which recently guaranteed $240 million at a massive $3. 35 billion dollars valuation, and Druva, which secured $147 million at a valuation going above $2 billion. Veeam, meanwhile, was purchased by Insight Companions last year in a $5 billion deal .

Rewind is looking to concrete its own position within the data backup plus recovery space simply by “filling a critical space in current back-up protection efforts, ” extending its insurance coverage to many more apps that companies of sizes have come in order to rely on. The company has announced plans in order to integrate with SaaS services such as Xero, Zendesk, GitLab, Bitbucket, Jira, Weebly, HubSpot, Zoho, Confluence, Basecamp, Monday. com, Asana, and Airtable, using the respective rollouts anticipated in the coming a few months and into earlier 2022.   This particular move will also open up Rewind’s appeal a lot more to the enterprise world.

“The problems we are resolving for enterprise resemble SMB; however , all of us currently service a lot more SMB clients compared to enterprise, ” Potter said. “As all of us move into supporting systems such as Zendesk, Jira, and Bitbucket, we are going to start seeing more business customers. ”

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