Total amount raised
$10 Millions
Latest funding date
2/1/2022
Location
Sprinto has successfully raised $20 million in its Series B funding round, backed by investors including Accel, Blume Ventures, and Elevation Capital. The platform specializes in automating cloud security compliance, offering solutions for various frameworks such as SOC 2, ISO 27001, and GDPR.
Keep reading to explore the intricacies of Sprinto's fundraising journey and the investors backing this innovative platform.
What Is Sprinto?
Founded in 2020, Sprinto is based in Bangalore, Karnataka, India. The company specializes in automating cloud security compliance, making it easier for businesses to manage risk and controls through automated checks and remediation.
Sprinto was established by Girish Redekar and Raghuveer Kancherla. The platform integrates with cloud setups to automate risk assessments, control mapping, and compliance evidence collection for various security standards.
With a team of 251-500 employees, Sprinto continues to grow, providing solutions for frameworks such as SOC 2, ISO 27001, and GDPR.
How Much Funding Has Sprinto Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: January 2020
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Sprinto's automated cloud security compliance platform.
- Series A
- Amount Raised: $10M
- Date: February 2022
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development efforts, expanding the platform's capabilities and market reach.
- Series B
- Amount Raised: $20M
- Date: April 2024
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance automation within Sprinto's compliance management platform and expand into new markets.
Total amount raised: $31.5M. Current valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a leading global venture capital firm that partners with exceptional founders from inception through all phases of private company growth.
- Investment Focus Areas: Technology, internet, software companies.
- Notable Investments: Facebook, Dropbox, Slack, Spotify.
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that focuses on early-stage investments in India and other emerging markets.
- Investment Focus Areas: Early-stage technology startups, consumer sectors.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups with both funding and active mentoring.
- Investment Focus Areas: Early-stage technology startups, innovative and scalable solutions.
- Notable Investments: Unacademy, Dunzo, GreyOrange.
What's Next for Sprinto?
With the recent $20 million Series B funding, Sprinto is poised to capitalize on the growing demand for compliance automation and AI-driven solutions. The company plans to enhance its intelligent automation capabilities and expand into new markets, targeting both tech-enabled and traditional businesses. This expansion presents a significant opportunity, given Sprinto's existing presence in over 75 countries and a client base of more than 1,000 companies.
Future fundraising rounds are likely as Sprinto continues to innovate and scale. The competitive landscape, featuring players like Drata and Vanta, underscores the need for continuous investment in R&D and market expansion. However, challenges such as evolving regulatory requirements and maintaining service quality while scaling operations could pose hurdles. Nonetheless, Sprinto's strategic focus on AI and automation positions it well for sustained growth and potential future acquisitions.
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