Risk and compliance platform, Sprinto raised $20 million in a funding round. This Series B round was led by Accel with participation from existing investors Elevation Capital and Blume Ventures. The company has raised a total of $31.8 million to date.
Sprinto will use the fresh funds for R&D, with a sharp focus on intelligent automation and AI, and expanding into new markets, it said in a statement.
The platform plugs into a company's processes to create intelligent workflows using AI. By doing so, Sprinto tears down silos and produces a connected view of assets, risks, controls, and compliance. This structured approach enhances security programmes, fostering seamless operations and tangible results.
Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto operates in more than 75 countries.
Girish Redekar, co-founder and CEO of Sprinto, said, “Companies are increasingly dependent on third and fourth parties to provide mission-critical services – from payroll processing to managed web hosting. It’s inevitable that this will expose them to vulnerabilities. They are doing their best to follow best practices for cybersecurity, but less than a quarter of execs believe they are meeting the bar (Bain & Company). Compliance serves as a way of seeding good security behaviors that help maintain security while ensuring high operating standards, high service levels, and risks under control. I’ve seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognizing its potential as a driver of growth. Trust is the currency of any business transaction. Removing barriers to establishing trust can hyper-accelerate the GDP growth of B2B commerce. We are committed to building the technology that enables this mission.”
The Governance, Risk, and Compliance (GRC) market is undergoing unprecedented changes. Total spending reached $54.61 billion in 2023, and it’s expected to climb to $134.86 billion in 2030 (source: Grandview Research). With its automation-first, intelligent, and adaptive risk and compliance platform, Sprinto is primed to succeed. The founding team and core leadership bring together decades of collective SaaS experience, drawing.
