Cloud data backup company raises $50M in funding

OwnBackup, a cloud business platform based in Englewood Cliffs, announced Tuesday it had received $50 million in new funding to help it accelerate development of its Software-as-a-Service data protection platform.

The company said in a news release that the funding round, which brings its total funding to more than $100 million, was led by Insight Partners, with participation from Salesforce Ventures and Vertex Ventures. The round, less than a year after its Series C financing, also included existing backer Innovation Endeavors.

“This oversubscribed round signifies investors’ recognition of our early dominance in a huge addressable market,” CEO Sam Gutmann said in a prepared statement. “In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency into their business.”

The company’s data recovery solutions for the Salesforce platform feature real-time monitoring for governments and businesses, which utilize vital data sets in the fight against COVID-19, among other needs.