Sprinto Technology Pvt Ltd, which operates the compliance automation startup Sprinto has raised $10 million (around Rs 74 crore) in series A funding led by Elevation Capital with participation from Accel, and Blume Ventures, the company said in a statement.
The Bengaluru-based startup plans to deploy the fresh capital for team expansion across key functions and research and development. Reflecting this expansion, Sprinto will also ramp up its hiring and open its first North American office, in Utah, by this quarter’s end, it added.
Earlier, in January 2020, the company had raised $1.5 million in seed funding from Blume Ventures.
"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 SOC2 compliant has become a revenue concern for SaaS businesses of all sizes. Recognizing this growing need, Sprinto aims to become the infosec OS of choice for SaaS service providers," said Raghuveer Kancherla, co-founder, Sprinto.
SOC 2 (systems and organisation control 2) is a set of compliance requirements for companies, especially service organisations, which use cloud-based storage for their customers’ data.
Founded in June 2021 by Kancherla and Girish Redekar, Sprinto is a compliance automation platform that helps software-as-a-service (SaaS) companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA, among others.
It has acquired enterprise-level accounts including HP and Hackerrank.
According to the company, as enterprise SaaS continues to grow, businesses are increasingly relying on compliances like SOC 2 to get assurance that their SaaS vendors keep their data safe. SaaS vendors need SOC 2 compliance to close high-ticket deals as well.
"..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 at Elevation Capital.
Elevation Capital is seed-and early-stage venture capital firm to provide financing for emerging companies in India. Investing in India since 2002, the VC firm is currently investing out of its seventh pool of capital.
The 20-year-old investment firm, formerly known as SAIF Partners, rebranded to Elevation Capital in 2020, and closed its eighth successive fund dubbed at $400 million.
