AVentures Capital, a major early stage venture capital fund based in Ukraine, has just announced a $500,000 investment in Spinbackup, startup which has developed a cloud data protection technology.

Based in California with R&D offices in Ukraine (Kyiv and Odessa), Spinbackup was co-founded in 2014 by Dmitry Dontsov, a US serial entrepreneur with Eastern European roots. The startup presents itself as “a premier cloud-to-cloud backup and cloud cybersecurity solutions provider” for G Suite and Office 365.

An authorized Google Partner and an Advanced Technology Partner of Amazon, the company claims to serve more than 1,000 organizations (mostly SMBs) with more than 150,000 G Suite users and 20,000 individual Google users.

“Data loss and leakage due to a human error and ransomware in the cloud have become the most critical security issues of the decade. While companies and individuals worldwide spend over $74 billion per year on cybersecurity solutions, according to Jupiter Research, most of the current data loss solutions are obsolete,” the startup notes.

Spinbackup aims to address the human factor “as the main security threat,” providing automated backup to monitor the use of the information stored in the cloud.

By integrating Blockchain innovations to its solution, Spinbackup even aims to “bridge the Blockchain ecosystem and the leading cloud services,” Dontsov stated.

Founded in 2012, AVentures Capital focuses on global companies with R&D capacities in Ukraine and Central and Eastern Europe. The fund is interested in software, e-commerce, cloud services, mobile technology, IoT.