Keepit, a Copenhagen-based company specializing in cloud-based data backup and protection, has raised $50 million to enhance its service capabilities and expand its geographical reach. This new funding, which brings the company’s total investments to $90 million, highlights the growing demand in the cloud SaaS data backup market. Keepit faces competition from industry giants such as Amazon Web Services (AWS), Microsoft, Hewlett Packard Enterprise, and Dell Technologies.
Strengthening Partnerships and Scaling Deployment
Importance of MSSPs and MSPs
Founded 17 years ago, Keepit aims to improve its offerings to both its existing clientele and the Managed Security Service Providers (MSSPs) and Managed Service Providers (MSPs) that help extend its reach within the enterprise sector. CEO Morten Felsvang emphasized the critical role of partners in scaling deployment, integrating solutions into existing IT environments, and delivering customer support tailored to specific data protection needs. Strengthening this network is a strategic priority for Keepit as it seeks to grow its presence on a global scale.
The role MSSPs and MSPs play is essential as they bridge the gap between Keepit and its end users, ensuring that the implementation of Keepit’s solutions is seamless. These partners are instrumental in navigating the complex IT infrastructure of large enterprises, customizing and optimizing the backup solutions to meet exacting demands. As Keepit places significant emphasis on these relationships, it not only enables a swifter adoption of its services but also fosters a community where collective expertise can pave the way for innovative data protection strategies.
Vendor-Independent, Cloud-Native Structure
One distinguishing feature of Keepit’s platform is its vendor-independent, cloud-native structure, hosted on the company’s proprietary cloud infrastructure. This ensures a single, unified location for enterprises to back up and protect their data, regardless of the SaaS applications they use. The vendor-independent nature ensures that organizations maintain control and access to their data, even during outages or issues from their SaaS providers. Keepit’s platform, with its separate, immutable storage and the exclusion of sub-processors, ensures compliance with local regulations and provides robust defenses against cyber threats such as ransomware.
Such a platform is crucial in today’s digital landscape, where data is a critical asset, and disruptions can lead to significant operational and financial consequences. By maintaining data independently from SaaS vendors, Keepit guarantees that organizations are not beholden to any single service provider’s reliability or policies. This autonomy reassures businesses that their data is both secure and accessible, particularly in the face of rising cyber threats. Additionally, compliance with local data protection laws underscores Keepit’s commitment to not only secure but also legally sound data management practices.
Market Growth and Strategic Investments
Expanding Product Innovation
The significance of the cloud backup market is growing, with projections indicating that the sector will escalate from around $5.71 billion in the current year to approximately $17.29 billion by 2029. This growth is driven by increasing cloud adoption and the complexity of the cyber threat landscape. Keepit’s additional $50 million investment, led by existing investors One Peak and EIFO (the Export and Investment Fund of Denmark), positions the company to bolster its product innovation. The company plans to expand the range of workloads it covers and introduce advanced data management and intelligence capabilities. These upgrades aim to provide enterprises with more comprehensive tools for safeguarding SaaS data, enhancing cyber resilience, and ensuring seamless data management across applications and systems.
Innovations such as improved data analytics, predictive intelligence, and automated data management routines are at the forefront of Keepit’s strategy. By integrating these advanced capabilities, Keepit intends to not only enhance the efficiency of its backup solutions but also to provide actionable insights for its users. Such tools will enable enterprises to better understand their data usage patterns, identify potential vulnerabilities, and optimize their data management practices proactively. This approach aligns with the broader trend in the tech industry towards smarter, more intuitive data solutions that do more than just store and protect information but also facilitate strategic decision-making.
Focus on High-Growth Regions
Concurrent with these product enhancements, Keepit is also focusing on extending its reach in high-growth regions, particularly the United States and Europe. It already has a foothold in these areas, catering to more than 5 million global users. However, the company recognizes that solidifying its leadership and scaling its impact in SaaS data protection necessitates further market penetration. The U.S. technology sector offers strategic partnership opportunities and customer acquisitions, while Europe’s complex regulatory landscape demands Keepit’s secure and compliant solutions. Growth in these regions is seen as pivotal for strengthening Keepit’s competitive position and supporting its diverse global customer base.
As Keepit delves deeper into the U.S. market, which remains at the forefront of technological innovation, it plans to forge collaborations that can drive growth and innovation. Strategic partnerships with leading tech firms, as well as new customer engagements, will be pivotal in this endeavor. Meanwhile, in Europe, the focus will be on ensuring compliance with stringent data protection regulations such as GDPR. This dual approach ensures that Keepit not only expands its user base but also enhances its service offering to meet the diverse needs of different regions. This geographic expansion strategy is expected to play a critical role in positioning Keepit as a leader in the global cloud backup space, offering robust and regulatory-compliant solutions.
Comprehensive Platform Features
Enterprise SaaS Applications
Keepit’s platform encompasses a range of enterprise SaaS applications including Microsoft 365, Entra ID, Dynamics 365, Power Platform, and Azure DevOps, as well as Google Workspace, Salesforce, and Zendesk. Designed for simplicity and efficiency, the platform can be set up within five minutes, regardless of the company’s size. It offers features like instant restore, job monitoring, API focus, access control, audit logs and compliance, and customized data retention capabilities. Furthermore, it incorporates data monitoring with insights and ensures high security through encryption of data both at rest and in transit.
The speed and ease of deploying Keepit’s solutions are particularly beneficial for businesses looking for a hassle-free integration process. Instant restore and job monitoring capacities ensure swift recovery of data in case of loss, minimizing downtime and productivity losses. Features such as API focus, access control, and compliance auditing help businesses maintain stringent security standards and regulatory adherence. Additionally, customized data retention policies enable organizations to keep data for specific durations, catering to their unique operational or legal requirements. These comprehensive features collectively contribute to a robust data management environment, ensuring not just safety but also efficiency in operations.
Data Sovereignty and Security
Keepit, a company based in Copenhagen, focuses on cloud-based data backup and protection solutions. Recently, they successfully raised $50 million in funding, which brings their total investment to $90 million. This financial boost aims to enhance their service capabilities and help them broaden their reach geographically. The fresh infusion of capital underscores the increasing demand in the cloud SaaS data backup market. Keepit stands out by providing essential cloud data protection services, but they do face significant competition. Major industry players like Amazon Web Services (AWS), Microsoft, Hewlett Packard Enterprise, and Dell Technologies are also vying for dominance in this sector. With such formidable competitors, Keepit aims to leverage their new funding to continue innovating and improving their services to maintain a competitive edge. The cloud backup sector is experiencing rapid growth as businesses increasingly rely on digital operations and cybersecurity measures, amplifying the need for robust data backup solutions like those offered by Keepit.
