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Sprinto raises $20 million to bring automation to security compliance management

Security compliance and risk platform Sprinto has raised $20 million in Series B funding to build more automation capabilities into its compliance management platform and expand its customer base to include a broad range of digitally operational but non-tech-first companies.

Complying with frameworks such as SOC 2, GDPR and HIPAA is critical for companies across industries to ensure data security and privacy, but compliance management remains a cumbersome process for most businesses as it requires teams to frequently maintain records and monitor regularly data flow.

Sprinto is working to automate this aspect of security compliance management, which involves vendor risk management, vulnerability assessments, access control, evidence collection and other archiving tasks. The company’s platform connects directly with customers’ HR, IT and engineering systems through more than 160 integrations, with built-in support for popular frameworks such as SOC 2, ISO 27001, GDPR, CCPA, HIPAA, PCI-DSS and CIS. Sprinto uses a combination of artificial intelligence, GPT, and its own internal large-scale language model to make compliance management more efficient. The company said it aims to focus more on bringing intelligence to the platform through enhanced research and development.

“Our goal is to help companies build trust and use the trust they build to grow their business,” Sprinto co-founder Grish Redekar told TechCrunch.

The all-equity Series B round, led by Accel, brings the company’s total funding raised to $31.8 million. Existing investors Elevation Capital and Blume Ventures also participated.

The market for automated compliance management solutions already has players such as Vanta and Drata, which Sprinto considers its main competitors. However, Redekar said Sprinto is primarily focused on automating the entire compliance management process and helping businesses build trust.

Redekar co-founded Sprinto with Raghuveer Kancherla after their startup Recruiterbox was acquired by private equity firm Turn/River Capital in 2018. The co-founders were familiar with the difficulty and burdensomeness of compliance issues, and they set out to address the issue with their new startup.

Sprinto has about 200 employees, and Redekar said the company now has more than 1,000 customers in 75 countries, but most of its customer base is in the United States and Europe. It plans to expand its presence in both markets by attracting traditional businesses that have deployed the technology but are not technology companies themselves.

“The biggest opportunity exists with digitally native companies; they are not necessarily technology-first but technology-driven. More and more companies are becoming digital in some way. We are really focused on growing this market,” Redekar told TechCrunch.

Redekar did not disclose the startup’s valuation, but Elevation Capital co-managing partner Ravi Adusumalli said Sprinto has grown more than 20 times since raising a Series A round in 2021. Redekar said the company’s ARR will triple from 2022 to 2023 and is expected to double in the coming year.

“We don’t just check a box that you can prove to the auditor that we do this, but we actually want to make you safer. We want to do it more consistently. We want to be able to build tools that help you externally Show stakeholders what you’re doing,” he said.

The startup plans to use the new funds for product development and catering to new businesses. Redekar said the plan is to quadruple the scale of its current smart automation in less than 12 months.

“Sprinto has done an incredible job helping companies focus on their core business through low-touch, automation and efficient compliance. With a deep understanding of the product and a strong focus on execution, Sprinto has been at the rare on a growth trajectory. We are excited to partner with Girish, Raghuveer and their Sprinto team on our mission to ensure compliance becomes a growth driver for the business,” Shekhar Kirani, Partner at Accel, said in a prepared statement.

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