Sprinto Secures $20M for Security Compliance Automation

Sprinto, a platform aimed at simplifying security compliance and risk management, recently completed a Series B funding round, raising $20 million. This investment is intended to enhance its automation capabilities within its compliance management software and extend its services to a broader array of digital companies that do not primarily focus on technology.

The need for adherence to regulatory frameworks like SOC 2, GDPR, and HIPAA is increasingly critical for businesses in various sectors to protect data privacy and security. However, managing these compliance requirements is often a complex task that involves regular maintenance of records and continuous monitoring of data flows.

Sprinto’s solution automates these processes, including vendor risk management, vulnerability assessments, access control, evidence gathering, and other documentation tasks. It integrates with over 160 HR, IT, and engineering systems and supports numerous compliance frameworks, leveraging AI, GPT technologies, and its own large language model to improve efficiency in compliance management.

Girish Redekar, co-founder of Sprinto, stated in a TechCrunch interview that the company’s mission is to help businesses gain and leverage trust for growth. The Series B round was led by Accel, with contributions from existing investors Elevation Capital and Blume Ventures, bringing Sprinto’s total funding to $31.8 million.

Sprinto views Vanta and Drata as its main competitors in the automated compliance management market. However, Redekar emphasizes Sprinto’s comprehensive approach to automating the compliance management lifecycle and fostering trust among businesses.

Founded by Redekar and Raghuveer Kancherla after selling their previous venture, Recruiterbox, to Turn/River Capital in 2018, Sprinto addresses the challenges of compliance they experienced firsthand. The company, which employs around 200 people, serves over 1,000 customers in 75 countries, primarily in the U.S. and Europe, and is planning to expand its market presence.

Sprinto has experienced significant growth since its Series A in 2021, with over 20 times growth, according to Ravi Adusumalli of Elevation Capital. Redekar reported a threefold increase in annual recurring revenue (ARR) from 2022 to 2023, with expectations to double in the next year. The new funding will be used for product research and development and to reach out to new businesses, aiming to quadruple its intelligent automation capabilities in less than a year.

Shekhar Kirani, partner at Accel, praised Sprinto’s progress in automating compliance processes, highlighting the company’s strong product understanding and execution.

Source: https://techcrunch.com/2024/04/09/sprinto-funding-security-compliance-management/

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