SAN FRANCISCO & TEL AVIV, Israel--(BUSINESS WIRE)--Pioneering business operations (BizOps) startup Salto announced today that it has raised a $42 million Series B led by Accel, with significant participation from existing investor Salesforce Ventures, and continued participation from Bessemer Venture Partners and Lightspeed Venture Partners. That brings the total funding to $69 million to date, following its Series A in October, and underscores the demand for a new way to improve the productivity of SaaS administrators. At the same time, enterprises are calling for a more unified way to configure, analyze, and ensure compliance for their standalone SaaS (software as a service) applications.
Salto was founded in 2019 by veteran Israeli entrepreneurs Rami Tamir, Benny Schnaider and Gil Hoffer, after successes with previous companies: Pentacom (acquired by Cisco); Qumranet (the creator of KVM - acquired by Red Hat); and Ravello Systems (acquired by Oracle).
Today, companies have SaaS applications for every conceivable purpose and each application is maintained and supported separately. This results in an operational challenge of hidden, often irreversible dependencies, changes, and recursive updates between apps. The damage is apparent in many organizations using SaaS applications today—business process breakdowns that bring operations to a halt.
“Over the past few years, we’ve seen enterprises adopt literally hundreds of SaaS applications,” said Salto CEO and co-founder Rami Tamir. “Salto is the connective tissue that has been completely missing and applies widely adopted engineering principles to business operations and SaaS. We provide insights into how all the systems are configured and allow teams to untangle them, track and extend those changes across applications, and enforce a process to make each department’s stack of software operate as a cohesive whole.”
“Salto's holistic, forward-thinking approach to the management of business apps is the future, and its solution is the connective tissue we were looking for," said Oran Akron, head of business operations at Monday.com.
Salto’s platform, in essence, offers companies a better return on the dozens of SaaS licenses they already pay for. It also lays the foundation for an, until now, unimaginable level of change management efficiency. Customers are seeing the advantages of immense time savings with improved trackability and auditability.
“Using Salto, we’ve cut Salesforce and HubSpot update times by 75 percent,'' acknowledges Joshua Thorngren, vice president of growth at StackPulse. “It really is unlike anything else.”
With the new funding, Salto will rapidly expand its capacity to configure more business applications. Early customers expressed their need for Salto to extend its software approach and methodology beyond its initially supported SaaS applications - Salesforce, NetSuite and HubSpot. Salto plans to expand its support to a total of 10 applications by the end of 2021. With a global view of all SaaS applications, it provides insight long thought impossible.
“Salto is leading the way toward modernizing the infrastructure of cloud applications. This is a much bigger problem than it was a few years ago, and it provides a very necessary layer of automation,” said Philippe Botteri, partner at Accel. “It’s a missing link, a revolution bringing a DevOps approach to cloud application configurations. We’re excited to be partnering with serial entrepreneurs Rami, Benny and Gil for this journey. Salto has the potential to become a defining company for this new and large category, which addresses a significant problem faced by any company managing cloud applications."
“Salto creates an ecosystem where business application administrators can make changes to applications swiftly and efficiently,” said Alex Kayyal, partner and head of international at Salesforce Ventures. “We’re incredibly excited by the team’s vision to improve business agility through automation across SaaS applications as they provide clear value to customers globally.”
About Salto
Salto is the leading solution for configuring your top business applications. By applying innovative software development concepts and practices, Salto provides both an open source and an enterprise SaaS product to simplify, automate and unite configuration, testing, analysis, and compliance across business applications. The company has offices in Tel Aviv and San Francisco. Learn more at www.salto.io.