Compliance Automation Startup Sprinto Secures USD 20 Mn from Accel, Elevation Capital, and Blume Ventures The San Francisco and Bengaluru-based platform aims to deploy fresh funds for R&D, with a sharp focus on intelligent automation and AI, and expand into new markets.
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Sprinto, an automated risk and compliance platform for software-as-a-service (SaaS) companies, has announced the raising of USD 20 million in a Series B round led by Accel. Previous investors Elevation Capital and Blume Ventures also participated in the round.
With this, the platform has raised USD 31.8 million in total, including a USD 10 million Series A round in February 2022.
According to the official release, Sprinto will use the fresh funds for R&D, with a sharp focus on intelligent automation and AI, and expand into new markets.
Girish Redekar, Co-founder and CEO of Sprinto, said, "Companies are increasingly dependent on third and fourth parties to provide mission-critical services, from payroll processing to managed web hosting. It's inevitable that this will expose them to vulnerabilities."
"Compliance serves as a way of seeding good security behaviors that help maintain security while ensuring high operating standards, high service levels, and risks under control. I've seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognising its potential as a driver of growth," he added.
Launched in 2020 by Girish Redekar and Raghuveer Kumarla, Sprinto helps SaaS companies obtain compliances such as SOC 2, ISO27001, GDPR, and HIPAA in a quick and hassle-free manner.
Sprinto assists clients in setting up a real-time monitoring system that keeps track of the systems' status and offers visibility into the rules and procedures controlled by compliance checklists.
The startup claims that it has amassed more than 1,000 customers and extended its reach to over 75 countries. US and European customers make up the majority of their clientele.
Shekhar Kirani, Partner at Accel, said, "Every company—whether tech-enabled or traditional, large or mid-sized—is increasingly required to comply with standard frameworks and protocols. Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient."
