Sprinto, a leading compliance automation platform catering to SaaS companies, has successfully raised $20 million in its Series B funding round. Accel primarily led the funding, with continued support from existing investors Elevation Capital and Blume Ventures.
This recent investment marks a significant milestone for the Bengaluru and San Francisco-based startup, bringing its total funding to $31.8 million. Notably, Sprinto had secured $10 million in its Series A round in February 2022.
The capital influx will enhance research and development efforts, with a strategic focus on advancing intelligent automation and artificial intelligence technologies. Additionally, Sprinto aims to leverage the funds to facilitate its expansion into new markets, as outlined in a recent press release.
Founded in mid-2021 by Girish Redekar and Raghuveer Kancherla, Sprinto has become a pivotal solution for SaaS companies seeking efficient compliance procedures. Specializing in obtaining various compliances such as SOC 2, ISO27001, GDPR, and HIPAA, Sprinto simplifies the process, ensuring its clients a quick and hassle-free experience.
At the core of Sprinto’s offerings is a real-time monitoring system that grants visibility into compliance-governed processes and policies. This system effectively tracks the status of these processes, providing clients with comprehensive oversight and control.
With an impressive track record, Sprinto boasts a clientele exceeding 1,000 companies across over 75 countries, with a significant presence in the US and Europe. Despite the exponential growth witnessed in 2023, the company did not disclose specific financial details.
In the global arena, Sprinto faces competition from industry peers such as Vanta and Drata. The recent funding round highlights investors’ confidence in Sprinto’s innovative approach to compliance automation within the SaaS sector.
In parallel developments within the industry, compliance automation platform Scrut Automation announced a successful $10 million Series A round last week, further underlining the growing significance of streamlined compliance solutions in today’s digital landscape.
