Compliance automation startup Sprinto raised $20 M Series B funding from Accel
The $20 million Series B funding round led by Accel, with participation from current investors Elevation Capital and Blume Ventures, was obtained by Sprinto, a compliance automation platform for software as a service company.
With this, the San Francisco and Bengaluru-based company has raised $31.8 million in total, including a $10 million Series A round in February 2022.
Sprinto stated in a press release that the money will be used for R&D with an emphasis on intelligent automation and AI, as well as expansion into new markets.
Founded in the middle of 2021 by Girish Redekar and Raghuveer Kancherla, Sprinto facilitates the rapid and easy compliance of SaaS companies with regulations like SOC 2, ISO27001, GDPR, and HIPAA.
In addition to tracking the status of these systems, Sprinto assists clients in setting up a real-time monitoring system that gives them visibility into the policies and procedures that are governed by compliance checklists.
The business claims that it has expanded to over 75 countries and gathered over 1,000 clients. The US and Europe account for the bulk of its clientele. Additionally, it stated that it will grow three times by 2023. However, additional financial information was not released by the company.
Its competitors in international markets are companies like Drata and Vanta. The compliance automation platform Scrut Automation revealed last week that it had completed a $10 million Series A round of funding.
