Sprinto, a security compliance and risk platform, raises $2,000 in Series B round to build more automation into its compliance management platform and expand its customer base to include a broader range of companies that operate digitally but are not technology-first. We raised a million dollars.
Compliance with frameworks such as SOC 2, GDPR, and HIPAA have become important for businesses in all sectors to ensure data security and privacy, but teams frequently maintain records and Compliance management remains a tedious process for most businesses, as flows need to be monitored on a regular basis.
Sprinto is working to automate this aspect of security compliance management, including vendor risk management, vulnerability assessments, access controls, evidence collection, and other filing tasks. The company's platform connects directly to customers' HR, IT, and engineering systems through over 160 integrations and supports popular frameworks such as SOC 2, ISO 27001, GDPR, CCPA, HIPAA, PCI-DSS, and CIS. Built-in support. Sprinto uses a combination of AI, GPT, and a proprietary internal large-scale language model to streamline compliance management. The company said it aims to further focus on bringing intelligence to its platform by ramping up research and development.
“Our goal is to help companies build trust and leverage that trust to grow their business,” Sprinto co-founder Grish Redekar told TechCrunch.
Accel led the all-stock Series B funding round, bringing the company's total capital raised to $31.8 million. Existing investors Elevation Capital and Blume Ventures also participated.
The market for automated compliance management solutions already has players such as Vanta and Drata, which Sprinto considers to be its main competitors. But Redeker said Sprint is primarily focused on automating the entire compliance management process and helping businesses build trust.
Redekar founded Sprinto with Raghuveer Kancherla after his startup Recruiterbox was acquired by private equity firm Turn/River Capital in 2018. The co-founders knew how difficult and vexing compliance issues were and set out to address them. their new startup.
Sprinto has about 200 employees and currently has more than 1,000 customers in 75 countries, with the majority of its customer base in the United States and Europe, Redekar said. The company plans to expand its presence in both of these markets by attracting traditional companies that have adopted technology but are not primarily technology companies.
“The biggest opportunity lies with companies that are digitally native. They are not necessarily technology-first, but they can leverage technology. Increasingly, all companies are becoming digital companies in some way. We want to grow that market. We're really focused on,” Redeker told TechCrunch.
Redeker did not disclose the company's valuation, but Elevation Capital co-managing partner Ravi Adusmari said the company has grown more than 20x since Sprint raised Series A funding in 2021. said. Redeker said the company's ARR is expected to triple from 2022 to 2023. It will double next year.
“We can show auditors that we're doing this, not just checking a box, but we actually want to make our customers even more secure. Read More “And we want to be able to build tools that help us demonstrate our efforts to external stakeholders,” he said. .
The startup plans to use the new funding for product research and development and support new business. Redeker said the company plans to quadruple its current intelligent automation within 12 months.
“Sprinto does a great job helping companies focus on their core business by making compliance low-touch, automated, and efficient. With a deep understanding of products and a focus on execution, Sprinto is able to drive rare growth “We are excited to partner with Girish, Raghuver and their team at Sprinto in their mission to ensure compliance is the engine of growth for companies.” , Accel Partner Shekhar Kirani said in a prepared statement.