A strategic investment round headed by MassMutual Investors has provided $5.7 million to Scrut Automation, a SaaS company that focuses on governance, risk, and compliance.
Existing investors in the investment round include Lightspeed India Ventures and Endiya Partners. The business has so far raised $11 million, including the latest funding. The money will be used to create new cyber security use cases and increase the company’s footprint in the US, according to a press statement from Scrut Automation.
Scrut is a subscription-based platform that gives small and mid-sized businesses a single management framework. It was started in 2021 by Aayush Ghosh Choudhury, Kush Kaushik, and Jayesh Gadewar. The company’s major goal is to assist small and medium-sized cloud-native businesses in establishing and maintaining a strong security posture as well as in adhering to various infosec standards including SOC 2, ISO 27001, GDPR, and others.
According to Scrut, it serves as a fundamental GRC platform for small and mid-sized businesses, assisting in the administration of various frameworks, sustaining policy life cycle management, and preserving evidence gathering. It provides additional services such as a third-party risk assessment risk module, asset management module, and trust vault, which aids businesses in gaining the trust of corporate clients.
During its last investment round, when it reported $35K in annualised sales ARR, Scrut claims to have increased 45X. By the end of the year 2023, it hopes to have increased revenues by a factor of four. According to the business, it currently oversees a base of over 65 people worldwide and has provided services to over 250 businesses worldwide.
It competes with companies like LogicGate, Enterprise Process Center Solutions, and MetricStream, among others, in the GRC market.
