Sprinto raises $20M to bring automation to security compliance management>
Tech Crunch – Jagmeet Singh
Sprinto, a security compliance and risk platform, has raised $20 million in a Series B funding round led by Accel, with participation from existing investors Elevation Capital and Blume Ventures
The company aims to automate the compliance management process and help businesses build trust with their customers
Key points:
1) Compliance with frameworks like SOC 2, GDPR, and HIPAA is crucial for companies across sectors to ensure data security and privacy.
2) Sprinto’s platform connects with customers’ HR, IT, and engineering systems via over 160 integrations and supports popular frameworks.
3) The company uses AI, GPTs, and its own internal large language model to offer efficiencies in compliance management.
4) Sprinto’s co-founders, Girish Redekar and Raghuveer Kancherla, founded the company after their previous startup, Recruiterbox, was acquired in 2018.
5) The startup has more than 1,000 customers across 75 countries, with a majority in the U.S. and Europe, and plans to expand its presence in these markets.
6) Sprinto’s ARR rose 3x from 2022 to 2023 and is projected to double in the coming year.
7) The company plans to utilize the fresh funding for product R&D, catering to new businesses, and scaling its intelligent automation by four times in less than 12 months
Sprinto aims to differentiate itself from competitors like Vanta and Drata by focusing on automating the entire compliance management process and helping businesses build trust with their customers, particularly those that are digitally native but not necessarily tech-first.
Link: https://techcrunch.com/2024/04/09/sprinto-funding-security-compliance-management