San Francisco-based startup Sprinto, known for helping organizations automate risk and compliance work, has just completed a $20.3 million funding round. The platform launched by Girish Redekar and Raghuveer Kancherla in 2020 integrates with existing software to streamline risk monitoring and create compliance audit trails. With more than 1,000 customers in 75 countries, Sprinto is gaining momentum in a market expected to grow from $54 billion currently to $135 billion by 2030.
As regulators worldwide introduce new standards for data protection and cybersecurity, businesses are increasingly turning to platforms like Sprinto to build trust with customers and open doors to new markets. Alessio Panni, from Prometeia, a financial services consultant, emphasizes the importance of security and compliance for their cloud offering. Sprinto’s solutions help enhance protection for clients’ assets and accelerate the path towards secure growth and compliance goals.
The funding round, led by Accel, with contributions from existing investors Elevation Capital and Blume Ventures, will enable Sprinto to double down on product development and expand its international presence. The competitive landscape includes companies like Vanta Drata and Hyperproof, targeting similar customers. Sprinto aims to capitalize on the growing demand for risk and compliance solutions as organizations of all sizes prioritize cybersecurity and data protection in response to increasing threats.
The platform’s automation capabilities have resonated with businesses, highlighting the shift towards a more proactive approach to risk and compliance. While compliance work has not always been viewed as exciting, organizations are realizing that building trust with stakeholders can lead to new opportunities. Sprinto’s ability to simplify compliance processes has fueled its rapid growth and positive customer feedback, demonstrating the effectiveness of its product.
Sprinto’s journey from a startup to a key player in the governance, risk, and compliance market underscores the changing landscape of cybersecurity and data protection. Every organization is now under pressure to demonstrate how they are addressing these issues, making platforms like Sprinto essential tools for achieving compliance efficiently and effectively. As information security gains central importance in the enterprise, companies are increasingly required to comply with standard frameworks and protocols, making automated compliance solutions crucial for success.
