Sprinto, a startup tech company founded by Girish Redekar and Raghuveer Kancherla recently raised $20 million from existing investors in a Series B funding round. This all-equity Series B funding round increased the company’s total capital to $31.8 million.
In 2022, the company raised $11.5 million in series A funding which was led by venture capital and private equity principals Accel and Blume Ventures.
The 2024 series B round is an important stage in Sprinto’s development as the market continues to grow. “A decade ago, it was only large enterprise customers that had cyber security and data protection activities on a scale where our tools would have been useful,” said Redekar. “That has completely changed – every organization is now under pressure to take these issues more seriously, and to show how they are doing so.”
About Sprinto
Sprinto specializes in compliance automation. Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto helps software-as-a-service (SaaS) companies adhere to established regulations and frameworks that ensure the protection of sensitive data, including:
SOC 2: Ensures your systems are secure and reliable.
ISO27001: Focuses on information security management.
General Data Protection Regulation (GDPR): Protects user data and privacy.
Health Insurance Portability and Accountability Act (HIPAA): Vital for healthcare-related services.
Funding Details
Investors: The funding was led by Accel, with participation from Blume Ventures and Elevation Capital.
Purpose: Sprinto aims to use this fresh fund for research and development and to expand into new markets in other to enhance its compliance management platform by integrating AI and intelligent automation. This platform assists businesses in navigating risk and compliance, especially in areas like vendor risk management, vulnerability assessment, evidence collection, access control, etc.
Global Reach: With over 1,000 customers across 75 countries, Sprinto primarily serves clients in the U.S. and Europe. The company plans to expand its presence by attracting traditional businesses that have embraced technology but are not inherently tech-focused.
Sprinto’s Founders
Girish Redekar and Raghuveer Kancherla founded Sprinto after their startup Recruiterbox was acquired by the private-equity firm Turn/River Capital in 2018. The co-founders were familiar with how difficult and demanding compliance can be, so they set out to address that problem with their new startup.
“Companies are increasingly dependent on third and fourth parties to provide mission-critical services – from payroll processing to managed web hosting. Compliance serves as a way of seeding good security behaviors that help maintain security while ensuring high operating standards, service levels, and risks under control,” said Redekar, co-founder and chief executive officer, Sprinto.
“Sprinto is helping companies focus on their core business by making compliance low-touch, automated, and efficient. With an understanding of the product and a focus on execution, Sprinto has been on a growth trajectory,” said Shekhar Kirani, partner, at Accel.
Sprinto’s Focus
Sprinto’s focus on intelligent automation and artificial intelligence aims to help companies maintain security standards while minimizing operational risks. They focus on automating the entire compliance management process to maintain trust and confidence.
Although the market for automated compliance management solutions already has players such as Drata which Sprinto considers its key competitor. However, Redekar said Sprinto primarily focuses on automating the entire regular compliance management process and helping businesses build trust.
Sprinto’s Mission
With the growing importance of data privacy and security, every company – whether tech-enabled or traditional, large or mid-sized – is increasingly required to comply with standard frameworks and protocols. Sprinto’s mission is to make compliance processes more efficient and automated for businesses, to help build guides and trust, and to grow cloud-based businesses by streamlining risk management and compliance processes.
Their innovative approach to compliance management has garnered attention in the industry, and they continue to expand into new markets. It’s exciting to see how they’re shaping the future of compliance technology by making it low-touch, automated, and efficient.
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