Sprinto, a platform specializing in security compliance and risk management, has secured a $20 million Series B funding round. This investment will enable the company to enhance automation within its compliance management platform and expand its customer base to encompass a wider range of digitally-operating companies that may not be tech-centric.
The importance of complying with frameworks like SOC 2, GDPR, and HIPAA has grown significantly for companies across various industries, ensuring data security and privacy. However, managing compliance remains a complex process for many businesses, involving regular record-keeping and data flow monitoring.
Sprinto is focusing on automating security compliance management, covering aspects such as vendor risk management, vulnerability assessment, access control, and evidence collection. Their platform integrates with customers’ HR, IT, and engineering systems through over 160 integrations and supports frameworks like SOC 2, ISO 27001, GDPR, CCPA, HIPAA, PCI-DSS, and CIS. Leveraging AI, GPTs, and an internal large language model, Sprinto aims to streamline compliance management processes. The company plans to enhance platform intelligence through further research and development efforts.
The Series B funding round, totaling $31.8 million in raised capital, was led by Accel, with participation from existing investors Elevation Capital and Blume Ventures. Sprinto views competitors such as Vanta and Drata in the automated compliance management market but distinguishes itself by focusing on comprehensive automation and trust-building for businesses.
Founded by Girish Redekar and Raghuveer Kancherla after their previous startup’s acquisition, Sprinto has over 1,000 customers across 75 countries, with a strong presence in the U.S. and Europe. The company aims to expand in these markets by targeting digitally-enabled businesses that may not be tech-first.
The funding will support product development and expansion efforts, aiming to scale intelligent automation significantly in the next year. Sprinto’s growth trajectory, driven by a focus on making compliance efficient and impactful, has garnered praise from investors like Shekhar Kirani of Accel, who sees compliance as a growth driver for businesses.
