Compliance-as-a-service platform Laika has raised $35m from a Series B funding round to expand its automation footprint.
The funding round was led by J.P Morgan Growth Equity Partners and also saw participation from Dashfund, Canapi, Nyca, ThirdPrime and Bain Capital Ventures. To date, Laika has raised $48m since its inception. Last year, Laika closed an equity financing round on $10m.
Laika is a compliance platform that enables companies to design stage-appropriate controls, obtain infosec certifications and audits, stay compliant with regulations and build trust with enterprise customers for whom security is key.
The company claims it has reported significant year-over-year growth in terms of revenue and customers.
According to Laika, it will use the newly raised capital to build additional automation, to add audit experiences to its platform and invest in growth and market momentum.
Laika founder Austin Ogilvie said, “Compliance is very complex with many nuances across geographic and industry lines. This amounts to an untenable operating environment for virtually all software companies who lack the domain expertise to understand all compliance requirements let alone the ability to satisfy them all. The opportunity to help customers overcome these challenges is really exciting to us.”
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