Security and compliance automation company Drata has secured $100m in Series B funding and reached $1bn valuation.
The round was led by ICONIQ Growth, with additional investments from Alkeon Capital and Salesforce Ventures. Existing investors GGV Capital, Cowboy Ventures, and Leaders Fund also participated in the round.
The company exited stealth at the start of this year, on the back of a $3.2m seed funding round. The platform then netted $25m in its Series A round led by GGV Capital, just months after.
Adherence to compliance frameworks, such as SOC 2 and ISO 27001, has increasingly become necessary to do business, but can be resource-intensive to achieve, Drata explained.
As such, the company champions an automation-led approach. With Drata, companies streamline SOC 2, ISO 27001, and HIPAA compliance through continuous, automated control monitoring and evidence collection. This results in a strong security posture, lower costs, and less time spent preparing for annual audit, according to Drata.
With the new funding, Drata said it is preparing to launch two additional frameworks, HIPAA and PCI DSS, and expand on its current offering of ISO 27001 and SOC 2. The company added it will continue to innovate with new features that further streamline compliance and monitor security posture for companies operating in the cloud.
Copyright © 2021 FinTech Global
