US-based security compliance and risk platform Sprinto has raised USD 20 million in a Series B funding round led by Accel. The funding aims to enhance automation within its compliance management platform and expand its client base to encompass companies operating digitally but not primarily in the tech sector.

According to TechCrunch, compliance with regulatory frameworks such as SOC 2, GDPR, and HIPAA has become indispensable across various sectors to uphold data security and privacy. However, compliance management remains laborious for many businesses, necessitating frequent record maintenance and data flow monitoring. Sprinto is actively working to automate these compliance management tasks, including vendor risk management, vulnerability assessment, access control, and evidence collection.

The platform integrates with customers’ HR, IT, and engineering systems via over 160 integrations and supports frameworks such as SOC 2, ISO 27001, GDPR, CCPA, HIPAA, PCI-DSS, and CIS. Using a combination of AI, GPTs, and its internal language model, Sprinto aims to streamline compliance management processes, with a focus on enhancing intelligence through ongoing research and development efforts. A closer look at the funding round The Series B round, an all-equity investment, brings Sprinto's total capital raised to USD 31.8 million.

The round was led by Accel, with participation from existing investors Elevation Capital and Blume Ventures. Currently employing approximately 200 individuals, Sprinto serves over 1,000 customers across 75 countries, with a significant client base in the US and Europe. The company aims to expand its presence in these markets, targeting traditional businesses that have integrated technology but are not inherently tech-focused.

The company's strategic focus extends beyond mere compliance checkboxes, aiming to enhance security continuously and facilitate transparent reporting to external stakeholders. With the latest funding, Sprinto plans to intensify product research and development efforts and cater to new clientele. The company also aims to quadruple its intelligent automation capabilities within the next 12 months, aligning with its mission to position compliance as a catalyst for business growth.

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