Sprinto, a platform specializing in risk and compliance automation, raises $20M in a Series B round

Sprinto, a platform specializing in risk and compliance automation, has raised $20 million in a Series B funding round led by venture capital heavyweight Accel. 

The funding round also participation from existing backers Elevation Capital and Blume Ventures. The current round takes Sprint's all-time raise to $31.8 million.

The startup aims to leverage these funds for research and development, with a keen focus on intelligent automation and artificial intelligence (AI), refining customer experience, and broadening its market footprint.

Navigating complexity with innovative solutions

Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto has rapidly evolved into a comprehensive toolkit for businesses to address cyber risk and adhere to regulatory compliances.

The startup helps SaaS companies obtain compliances, such as SOC 2, ISO27001, GDPR  and HIPAA, in a quick and hassle-free manner. It claims to serve clients in more than 75 countries in diverse sectors such as technology, financial services, and healthcare.

Redekar highlighted the complexities that businesses face today, stating, "As companies become more complex, the necessary automation to make the product work needs to be adapted to their environment... So, to intelligently adapt the product to the environment is a tough job, but it's equally valuable." 

Leveraging AI for enhanced security

With the adoption of AI, Sprinto has refined its capabilities to create intelligent workflows, enhancing security programs and ensuring seamless operations. The strategic move is in line with the market's growing demand for governance, risk, and compliance (GRC) solutions, which is expected to reach $134.86 billion by 2030.

Sprinto's technology allows businesses to transition from traditional compliance views to recognizing its role as a growth driver, facilitating low-touch, automated, and efficient compliance processes.

Vision for global leadership

Redekar's vision for Sprinto is not just about expanding its geographical reach but also establishing leadership in the governance, risk, and compliance domain. "Our goal is to become leaders in each of those places and in those geographies. So, we are breaking new ground both geographically in regions, as well as new markets in existing regions that we want to operate in,” he stated. 

“Every company—whether tech-enabled or traditional, large or mid-sized—is increasingly required to comply with standard frameworks and protocols. Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient,” said Shekhar Kirani, Partner at Accel.