Overview

SpiderOak provides secure collaboration and backup tools specifically designed for businesses that require high levels of data protection. Its main products include CrossClave, a platform for secure collaboration; Semaphor Messaging, a secure messaging service; One Backup, a personal backup solution; and Enterprise Backup, which caters to large organizations. The company's unique feature is its "No Knowledge" encryption model, meaning that SpiderOak does not have access to the data stored on its servers, ensuring maximum privacy for clients. This makes SpiderOak particularly attractive to organizations that handle sensitive information, such as multinational corporations and government agencies. The company operates on a subscription-based model, allowing clients to pay a recurring fee for access to its services, which supports ongoing improvements and expansions in technology.

Simplify's Take

What believers are saying

• Growing demand for zero-trust security solutions in space and defense sectors.
• Increased adoption of open-source software benefits SpiderOak's Aranya project.
• Global market growth for secure collaboration tools aligns with SpiderOak's offerings.

What critics are saying

• Open-source vulnerabilities may expose SpiderOak's Aranya project to security risks.
• Increased competition in space cybersecurity could challenge SpiderOak's market position.
• Dependence on government contracts poses risks if funding or priorities change.

What makes SpiderOak unique

• SpiderOak uses a 'No Knowledge' encryption model for maximum data privacy.
• The company offers zero-trust cybersecurity solutions for space and tactical edge operations.
• SpiderOak's OrbitSecure platform uses Rust, a memory-safe programming language, for enhanced security.

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Funding

Total Funding

$34.6M

Below

Industry Average

Funded Over

4 Rounds

$16,400,000

Series C

Jan 2023

Series C funding is usually for startups that are doing well and are looking for more money to fuel major growth, such as acquiring other companies, expanding into global markets, or launching new product lines. Investors typically include larger venture capital firms and private equity.

Series C Funding Comparison

Below Average

Industry standards

Ind Avg. $50M

$16M

$16.4M

$40M

$50M

$62M

$100M

View all funding stages