Scrut Automation Secures USD 10 Mn from Lightspeed, MassMutual Ventures, and Endiya Partners The funding will be used to bolster platform capabilities, integrating generative AI applications to streamline manual tasks for risk and compliance teams, and extending operations into the North American and European markets.
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GRC (Governance, Risk, and Compliance) platform Scrut Automation announced that it has raised USD 10 million in growth capital from existing investors Lightspeed, MassMutual Ventures and Endiya Partners.
With this round, the company has now raised USD 20.5 million in total venture funding since its inception in 2021.
The platform aims to use the funding to enhance their platform capabilities, incorporate generative AI use cases to reduce the manual effort for risk and compliance teams, and expand to North American and European markets.
Aayush Ghosh Choudhury, Co-founder and CEO of Scrut Automation, said, "Mid-market organisations have limited options. They can buy off-the-shelf compliance automation tools that offer a one-size-fits-all approach to compliance, disconnected from the organisational risks; or invest in expensive enterprise-grade tools with year-long implementation and underutilised features."
"A core USP for Scrut is offering an extremely high degree of flexibility in creating GRC programs that fits closely with the customer's environment. For example, a financial services company in the lending space will have very different regulations, compliance frameworks, and risks from a healthcare services company for hospitals. Scrut accounts for this context - as the platform adapts seamlessly to these differences. We have also built practice areas for regulated industries like healthcare, financial services, and enterprise software, that allow the platform to embed expertise in addition to automation," Choudhury added.
Founded in 2021 by Aayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik, Scrut Automation is a SaaS-based Governance, Risk, and Compliance platform that enables risk and compliance teams to establish scalable security controls and processes, and automate workflows seamlessly.
Over 800 clients have reportedly benefited globally, according to the startup. With locations in Southeast Asia, India, and the US, its team has grown to 120 members since its founding.
"A strong security posture has always been a core need for large enterprises globally. Given the increase in the number of breaches and attacks over the past few years as well as increase in regulatory compliance requirements, mid-size enterprises are now adopting strong Governance, Risk, and Compliance (GRC) practices. Scrut's user-friendly and market-leading platform reduces this burden for security and GRC teams," said Dev Khare, Partner at Lightspeed.
