Sprinto, a platform automating risk and compliance for businesses, secured $20 million in equity funding. Accel led the funding round, joined by existing investors Elevation Capital and Blume Ventures. These funds will fuel research and development (R&D), enhance customer experience, and support expansion into new markets.
“As companies become more complex, the necessary automation to make the product work needs to be adapted to their environment… So, to intelligently adapt the product to the environment is a tough job, but it’s equally valuable,” said co-founder and chief executive Girish Redekar, while emphasizing doubling down on R&D and enhancing product capabilities.
Established in 2020 by Redekar and Raghuveer Kancherla, the company provides a toolkit tailored to manage cyber risk and regulatory requirements, enabling businesses to comply with regulatory standards.
The software-as-a-service (SaaS) platform caters to clients across over 75 countries, operating in diverse sectors, including technology, financial services, fintech, and healthcare.
“Our goal is to become leaders in each of those places and in those geographies. So, we are breaking new ground both geographically in regions, as well as new markets in existing regions that we want to operate in,” he said. The firm aims to triple its revenue again this year.
“We have seen rapid growth over the last year; we have already grown by about 3x in 2023. We want to continue the momentum,” Redekar added.
Shekhar Kirani, partner at Accel, commented on the investment, said, “With the proliferation of data across digital platforms, the secular shift to the cloud, and the growing adoption of SaaS tools, information security is gaining central importance in the enterprise. Every company— whether tech-enabled or traditional, large or mid-sized—is increasingly required to comply with standard frameworks and protocols”.
During 2022, Sprinto secured $10 million in a funding round led by Elevation Capital, with additional contributions from Accel and Blume Ventures. This brings the total funds raised by the company to $31.8 million.
“We are thrilled to deepen our partnership with Sprinto as they continue to disrupt cloud security and compliance,” said Ravi Adusumalli, co-managing partner, Elevation Capital.
On April 2nd, Scrut Automation, a governance, risk, and compliance platform, secured $10 million in growth capital from its existing investors, Lightspeed Venture Partners, MassMutual Ventures, and Endiya Partners.
