Sprinto Technology Pvt Ltd, which operates the compliance automation startup Sprinto, has raised $20 million (Rs 166 crore) from existing investors in a Series B funding round.
Multi-stage venture capital firm Accel led the round that also saw participation from Elevation Capital and Blume Ventures.
With this, the startup has raised $31.8 million so far.
In 2022, the startup raised $10 million in Series A funding led by Elevation Capital with participation from Accel, and Blume Ventures.
Sprinto will use the fresh funds for research and development, with a focus on intelligent automation and artificial intelligence. The startup will also use the funds to expand into new markets.
Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto helps software-as-a-service (SaaS) companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA, among others.
“Companies are increasingly dependent on third and fourth parties to provide mission-critical services – from payroll processing to managed web hosting. Compliance serves as a way of seeding good security behaviors that help maintain security while ensuring high operating standards, service levels and risks under control,” said Redekar, co-founder and chief executive officer, Sprinto.
This is the second investment in the compliance management space in two weeks. Earlier, Riversys Technologies Pvt Ltd, which runs governance, risk, and compliance-focused SaaS startup Scrut Automation raised $10 million in a strategic funding round from existing investors Lightspeed, MassMutual Ventures and Endiya Partners.
“Sprinto is helping companies focus on their core business by making compliance low-touch, automated, and efficient. With an understanding of the product and a focus on execution, Sprinto has been on a growth trajectory,” said Shekhar Kirani, partner, Accel.
