Sprinto, a compliance automation platform for SaaS companies, has secured $20 million in Series B funding round led by Accel along with participation from existing investors Elevation Capital and Blume Ventures.
With this, the Bengaluru and San Francisco-based firm has raised a total of $31.8 million to date including a $10 million Series A round in February 2022.
The funds will be used for R&D with a focus on intelligent automation and AI, and expansion into new markets, Sprinto said in a press release.
Launched in mid-2021 by Girish Redekar and Raghuveer Kancherla, Sprinto helps SaaS companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA in a quick and hassle-free manner.
Sprinto helps clients create a real time monitoring system that provides visibility into the processes and policies governed by compliance checklists, and tracks the status of these systems.
According to the company, it has amassed more than 1,000 customers and extended its reach to over 75 countries. Majority of its client base are in the US and Europe. It also claimed to have three-fold growth in 2023. Though, the company did not disclose other financial details.
In global markets, it competes with the likes of Vanta and Drata. Last week, compliance automation platform Scrut Automation announced that it raised $10 million in a Series A round. Entrackr exclusively reported the development in February.
