Onapsis Gains $17M in Investments for Cyber Defense Tool Push; J. R. Smith Comments

cybersecurityOnapsis has raised $17 million in new investments from an Evolution Equity Partners-led funding round.

Arsenal Venture Partners and .406 Ventures also participated in the Series B funding round that increased total investments in Onapsis since its inception to $30 million, Onapsis said Tuesday.

Boston-based Onapsis will use the funds to support its research and development programs and advance the adoption of its Onapsis Security Platform and other cyber defense tools through the expansion of its marketing and sales teams.

The Onapsis Security Platform works to detect and mitigate cyber attacks on enterprise resource planning, supply chain management, business intelligence and other software applications that run on Oracle and SAP.

“It's critical that, as an industry, we get SAP and Oracle enterprise application security right,” said J. R. Smith, partner at Evolution Equity Partners who has been named to Onapsis' board of directors.

“The economic and legal risk is too high for businesses to continue operating with their critical data exposed.“

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