San Francisco startup Sprinto raises $20M in Series B round
Returning investor Accel led the Series B funding round in the compliance automation platform Sprinto. The round also saw participation from Elevation Capital and Blume Ventures.
Sprinto, an automated risk and compliance platform for software-as-a-service (SaaS) companies, has raised $20 million in a Series B funding round led by venture capital firm Accel. Returning investors Elevation Capital and Blume Ventures also participated in the round.
With the current round, the San Francisco-headquartered company has raised $31.8 million in equity across multiple rounds. It last raised $10 million in a Series A round in February 2022 led by Elevation Capital, with participation from Blume Ventures and Accel.
Sprinto will use the capital on research and development, with a focus on intelligent automation and AI. According to a statement, it will use it to expand its geographical presence into new markets.
Founded in 2020 by Girish Redekar and Raghuveer Kancherla, helps SaaS companies navigate cyber risk and regulatory compliance requirements, including security frameworks such as SOC 2, ISO 27001, GDPR, HIPAA, and PCI-DSS, as well as customised frameworks.
Before setting up Sprinto, Redekar and Kancherla were co-founders at HRtech platform Recruiterbox, which was acquired by US-based private equity firm Turn/River Capital in 2021.
“Companies are increasingly dependent on third and fourth parties to provide mission-critical services—from payroll processing to managed web hosting," said Redekar, Co-founder and CEO of Sprinto, adding that it will inevitably expose them to vulnerabilities.
He added, “Compliance serves as a way of seeding good security behaviours that help maintain security while ensuring high operating standards, high service levels, and risks under control. I’ve seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognising its potential as a driver of growth.”
Redekar said Sprinto is working towards building technology to help these companies focus on business by automating the process of compliance. Currently serving customers across 75 countries, Sprinto works with the likes of HackerRank, Fyle, Happay, and others.
“Every company—whether tech-enabled or traditional, large or mid-sized—is increasingly required to comply with standard frameworks and protocols. Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient,” said Shekhar Kirani, Partner at Accel.
Sprinto competes with the likes of global players, including Salesforce Ventures-backed Drata, among others.
Edited by Suman Singh