Bengaluru-based compliance automation platform for software-as-a-service (SaaS) companies, Sprinto has raised $10 million in Series A funding led by Elevation Capital with participation from Accel and Blume Ventures.
The company said that funding will be used for team expansion across key functions and R&D to ensure long-term growth. Sprinto will also open its first North American office, in Utah, by this quarter’s end.
Sprinto was founded by Girish Redekar and Raghuveer Kancherla in 2021.
“As compliance with these standards, including SOC 2, is becoming a critical business need, most companies must rely on infosec consultants and auditors to get the necessary certifications, With a consultant, companies would take around 3-4 months to be ready for SOC 2 assessment. Using Sprinto’s compliance automation platform, companies can complete the SOC 2 readiness assessment in just days. This levels the playing field, helping smaller companies lacking the resources of larger firms,” said Sprinto Co-founder Girish Redekar.
The funding will be deployed to boost hiring and to open the startup’s first North American office in U.S’ Utah by this quarter’s end. The startup will also use the investment to ramp up Research and Development (R&D) to ensure long-term growth.
“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,” said Deepak Gaur, Partner, Elevation Capital.
According to Sprinto Co-founder Raghuveer Kancherla, “A decade ago, only large enterprises demanded SOC 2 compliances. 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 vendors. Thus, being SOC 2 compliant has become a revenue concern for SaaS businesses of all sizes.”
“Recognising this growing need, Sprinto 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”, he added.
The startup claims to have grown rapidly since the launch of its website back in June of 2021. Sprinto says that it has nearly doubled its Accounting Rate of Return (ARR) in the last 10 weeks alone.