Chennai-based AuditCue, a startup that offers audit and risk software-as-a-service (SaaS), announced it raised $1.5 million in seed funding on Tuesday.
Kalaari Capital led the funding round, with participation from Java Capital and San Francisco-based angel investors.
AuditCue, founded in 2022 by Gaurav Kulkarni and Naren Janakiraman, plans to use the funds for product development, speeding up its market entry, and expanding the engineering team. The company’s software helps make audits quicker and improves process resilience.
With this funding, AuditCue aims to provide businesses seeking better risk and compliance management solutions with access to its platform.
“AuditCue is built for CISOs in regulated markets, which keep pace with multiple compliance regimes. Unlike legacy solutions or automation products, AuditCue removes friction from audits and empowers auditors and auditees through the entire lifecycle of risk and audit programs. We are transforming the risk and audit experience for our customers to make audits seamless,” Gaurav Kulkarni, cofounder and CEO of Auditcue, said.
“With this funding round, we aim to expand further into our primary geographic markets of North America, India and the EU,” Kulkarni added.
Commenting on the investment, Kalaari Capital founder and managing director Vani Kola said, “The $120 billion global audit and GRC market is ripe for disruption with new-age tools. The founding team brings complementary skills, and we are excited to back their vision.”
AuditCue, previously operating in stealth mode, collaborated with industry experts and advisors.
Kalaari Capital, an early-stage venture capital firm, has introduced the Kalaari Fellowship analyst program. This program seeks to nurture future leaders in the venture capital and entrepreneurial field. In 2023, Kalaari Capital provided support to spacetech startup Digantara and career engagement platform HerKey, among other ventures.
Companies understand the importance of a risk and audit program. However, most still struggle to find the right solution to implement.
Furthermore, legacy solutions add more complexity to processes instead of simplifying them for companies. On the other hand, other incumbents try a one-size-fits-all approach.
However, companies need a tailored approach to risk. They require a solution flexible enough to address their unique challenges and needs. That’s precisely what AuditCue is building.
