Ukrainian venture fund AVentures Capital has sold its stake in cybersecurity startup Spin.AI after the company received investment from U.S. fund K1 Investment Management. This was announced in the company’s press release. Spin.AI develops a cloud data protection platform that helps companies secure enterprise software and information stored in cloud environments.
AVentures Managing Partner Yevgen Sysoev told Forbes that the fund exited the startup following the new investment round. He did not disclose the exact amount received from the sale of the stake, but said it was the largest exit in AVentures’ history. According to him, the deal also became one of the largest venture transactions involving Ukrainian companies over the past 12 months. The fund invested in Spin.AI at an early stage of the company’s development — in 2017, the investment amounted to about $500,000.
The startup’s new investor, U.S.-based K1 Investment Management, is regarded as one of the largest investors in software companies, particularly in the field of artificial intelligence technologies. Over the course of its operations, the fund has completed more than 275 investments. The amount invested in Spin.AI has not been disclosed, although it is known that the average size of deals in which K1 participates alongside co-investors typically falls within the $50 million to $100 million range.
Spin.AI co-founder Dmitry Dontov noted on LinkedIn that the partnership with K1 will allow the company to accelerate its next stage of development. According to him, cooperation with a major international investor will provide the startup with additional resources and expertise for further scaling. At the same time, Christian Grant of K1 Investment Management said that the fund seeks to partner with founder-led companies and support the creation of technology platforms capable of defining entirely new market categories.
Spin.AI develops an AI-powered cybersecurity platform designed to protect enterprise software and data across cloud infrastructure. The company currently serves more than 1,500 organizations worldwide, with a combined workforce of around 2 million employees. Among the largest companies using the startup’s solutions are Domino’s, DHL, and Vimeo.
The startup was founded in 2013 in Odesa by entrepreneur Dmitry Dontov. Initially, the company operated under the name Spinbackup. In 2017, it raised $500,000 in seed funding from AVentures Capital. In 2022, the company secured another $16 million in a Series A round led by Blueprint Equity. The round also included Santa Barbara Venture Partners and Blu Venture Investors. The funds were intended to support product line expansion, strengthen the marketing and commercial teams, and grow the engineering staff. At that time, the company was valued at around $55 million.
