Sprinto, a compliance automation platform for software-as-a-service (SaaS) companies, on Wednesday announced it has raised $10 million in Series A funding led by Elevation Capital, with participation from Accel and Blume Ventures.
The fresh capital will be utilised for expanding the team across key functions and R&D to ensure long-term growth. The start-up is hiring more and setting up its first North American office in Utah by the end of this quarter.
In January 2020, the company had raised $1.5 million in seed funding from Blume Ventures.
Starting operations in mid-2021, Sprinto was co-founded by Girish Redekar and Raghuveer Kancherla. The platform helps SaaS companies obtain compliances such as SOC 2, ISO27001, GDPR, HIPAA, and so on in a quick and hassle-free manner. This helps the customers close deals and clear vendor security assessments easily
“With a consultant, companies would take 3-4 months to be ready for SOC 2 assessment. With Sprinto’s compliance automation platform, it takes just days. This levels the playing field, helping smaller companies lacking the resources of larger firms,” says Redekar.
Kancherla added, “With the changes mandated by the AICPA in 2018, all SaaS businesses, irrespective of size, need to be SOC 2 compliant and are required to collect SOC 2 reports from their critical vendorsSprinto aims to become the infosec OS of choice for SaaS service providers. It’s creating a new product category that’s fundamentally different from existing automation tools.”
Deepak Gaur, Partner, Elevation Capital, said, “We’re very excited about partnering with Raghu and Girish as they build the future of compliance automation. Sprinto solves a critical business need in a growing market. It has created a world-class product which is already emerging as the compliance automation platform of choice for SaaS companies and generating tremendous customer acclaim.”