Blu Venture Joins $16 Million Series A Round for Spin Technology

Robert Struble

Blu Venture Investors joined a $16 million Series A funding round for Spin Technology, a Palo Alto, Calif.-based developer of an all-in-one data security platform for SaaS firms. Blueprint Equity led the round, while Santa Barbara Venture Partners also participated. So far, Spin has raised $18 million in venture funding.

All three venture firms received a board seat. Robert Struble will represent Blu Ventures on the board, along with Sheldon Lewis of Blueprint and Dan Engel of Santa Barbara Venture Partners.

“Spin aligns well with our cyber portfolio and we look forward to putting our knowledge of the space to work, helping (founder) Dmitry (Dontov) build upon the tremendous growth Spin has enjoyed thus far,” said Struble.

Strong Cyber Focus

Blu Venture has focused on cybersecurity startups since 2011. Today, it boasts of a strong pipeline of security-focused companies. In June, it floated an exclusive cyber fund, Blu Ventures Cyber Fund, LP. The fund closed at just under $25 million with commitments from 95 new and existing limited partners. Prior to the investment in Spin Technology, the cyber fund had closed three transactions worth $2.67 million, or about 11% of the fund’s commitment.

Blu Venture, founded in 2010, has invested nearly $100 million in 84 startups, focusing on SaaS and technology ventures. Its portfolio investments this year include Pearl, Zeeve, Cybera, Sprockets, Todyl and CommSafe AI.

Struble, Blu Venture’s partner who will sit on the board of Spin Technology, began his business career as a strategy consultant at McKinsey. Later, he held key positions in

Westinghouse Electric/CBS Corporation and radio broadcaster iBiquity Digital. He was also the CEO of Directed, a maker of vehicle security and remote start systems.

Struble earned his BS in chemical engineering at MIT, and an MBA from Harvard Business School, where he was a Baker Scholar.

Spin Boasts AI Smarts

Founded in 2017 by CEO Dmitry Dontov, Spin Technology also calls itself Spin.ai for its use of artificial intelligence in its all-in-one SaaS data security platform called SpinOne.

With soaring use of SaaS apps across enterprises — an average of 89 in US companies — SpinOne helps secure mission-critical data in apps such as Google Workspace, Microsoft Office 365 and Salesforce. Deployed in over 1,600 deployments, SpinOne has four components — ransomware monitoring and response, apps risk assessment, data leak prevention, and backup and recovery.