Businesses today face mounting pressure to prioritize security risks and ensure compliance with various standards and regulations. Failure to adhere to these requirements can result in severe consequences, including loss of business, hefty fines, and reputational damage. However, building a robust and responsive risk and compliance program is often hindered by the amount of manual work involved and limited resources.
Addressing these challenges, Sprinto, a pioneering automated risk and compliance platform, has announced a $20 million Series B funding round led by Accel, with participation from existing investors Elevation Capital and Blume Ventures. With this round, Sprinto has raised a total of $31.8 million to date. The fresh funds will be used for research and development, with a sharp focus on intelligent automation and AI, as well as expanding into new markets.
Sprinto’s technology is rooted in intelligent automation, eliminating barriers to establishing trust. The platform integrates with a company’s processes to create intelligent workflows using AI, breaking down silos and providing a connected view of assets, risks, controls, and compliance. This structured approach enhances security programs, fostering seamless operations and tangible results.
Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto marks their second entrepreneurial endeavor. The company has amassed thousands of customers and extended its reach to more than 75 countries. The co-founders observed first-hand the challenges of dealing with compliance with their first venture, Recruiterbox (acquired in 2018), finding it tedious, manual, confusing, and costly. Sprinto was born out of this frustration, designed and engineered to help other companies eliminate busywork through intelligent automation, liberating themselves from compliance drudgery and reclaiming time to focus on their core business.
According to Girish Redekar, co-founder and CEO of Sprinto, ‘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.’ Alessio Panni, Partner and Head of Cloud & Platforms practice at Prometeia, a Sprinto customer, commented: ‘Sprinto is our trusted security and compliance platform, enabling us from the early days to enhance protection for our client’s assets and to accelerate the path towards secure growth and compliance goals.’
The Governance, Risk, and Compliance (GRC) market is undergoing unprecedented changes, with total spending expected to climb from $54.61 billion in 2023 to $134.86 billion in 2030 (source: Grandview Research). With its automation-first, intelligent, and adaptive risk and compliance platform, Sprinto is well-positioned to succeed in this rapidly growing market.
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