Sprinto Secures $20M to Advance Automation in Security Compliance Management
Sprinto, a security compliance and risk platform, has secured a $20 million Series B round to further enhance automation in its compliance management platform and expand its customer base to include a broader range of digitally operating companies. Compliance with frameworks such as SOC 2, GDPR, and HIPAA has become essential for companies across various sectors to ensure data security and privacy. However, compliance management remains a complex and time-consuming process for most businesses.
Sprinto aims to automate this aspect of security compliance management by connecting directly with its customers’ HR, IT, and engineering systems through over 160 integrations. The platform offers support for popular frameworks like SOC 2, ISO 27001, GDPR, CCPA, HIPAA, PCI-DSS, and CIS. Leveraging a mix of AI, GPTs, and its internal large language model, Sprinto provides efficiencies in compliance management and plans to enhance its platform’s intelligence through further research and development.
Led by Accel, the all-equity Series B funding round brings Sprinto’s total capital raised to $31.8 million, with existing investors Elevation Capital and Blume Ventures also participating. Sprinto faces competition from players like Vanta and Drata in the automated compliance management solutions market. However, Sprinto distinguishes itself by focusing on automating the entire compliance management process and helping businesses build trust.
Founded by Girish Redekar and Raghuveer Kancherla, Sprinto aims to address the challenges of compliance management that they experienced firsthand after their startup, Recruiterbox, was acquired in 2018. With over 1,000 customers across 75 countries, Sprinto plans to expand its presence in the U.S. and Europe, targeting traditional businesses that have embraced technology but are not inherently tech-focused.
While Sprinto did not disclose its valuation, it has experienced significant growth since its Series A funding in 2021, with ARR increasing threefold from 2022 to 2023. The company plans to utilize the fresh funding for product R&D and scaling its intelligent automation to cater to new businesses.
Partner at Accel, Shekhar Kirani, expressed excitement about partnering with Sprinto, praising its role in making compliance low-touch, automated, and efficient for companies. Sprinto aims to ensure that compliance becomes a driver of growth for businesses by offering continuous security improvements and tools to demonstrate compliance to external stakeholders.
