Scrut Automation, a governance, risk and compliance-focused SaaS startup, has secured $7.5 million in a strategic funding round led by MassMutual Investors.
Endiya Partners and Lightspeed India Ventures are existing backers in the funding round. Including the current fundraising, the startup has raised $11 million to date. The proceeds will be deployed for developing new cyber security information security use cases and expand its presence in the US, Scrut Automation said in a press release.
Co-founded in 2021 by Aayush Ghosh Choudhury, Kush Kaushik, and Jayesh Gadewar, Scrut is a subscription-based platform that offers a unified control framework to small and mid-sized companies. The company focuses on helping small and medium cloud-native enterprises develop and maintain a robust security posture, and comply with various infosec standards such as SOC 2, ISO 27001, GDPR, and others.
According to Scrut, it acts as a core GRC platform helping small and mid-sized companies manage multiple frameworks, maintaining policy life cycle management and evidence collection. It caters additional offerings including a third-party risk assessment risk module, asset management module and trust vault, which helps companies build trust with enterprise customers.
Scrut claims to have grown 45X since its last funding round, where it recorded $35K as annualised revenue ARR. It aims to grow 4x in terms of revenue by the end of calendar year 2023. According to the company, it has delivered services to more than 250 companies across the globe and manages a base of over 65 employees globally.
In the GRC space, it competes with the likes of LogicGate, Enterprise Process Center Solutions and MetricStream, among others.