HyperComply raises $6.4m for due diligence service

HyperComply raises $6.4m for due diligence service

HyperComply, which automates security reviews and accelerates due diligence, has closed its seed round on $6.4m.

The investment was backed by FirstMark Capital and Golden Ventures.

HyperComply helps companies verify and maintain compliance in a fraction of the time. It claims that customers spend 34 minutes on average completing questionnaires, compared to the days of efforts manual processes take.

Its platform leverages AI technology and learns from past security questionnaires and documentation, and autofill’s answers instantly. Clients have a vendor dashboard to assess risk. The solution also boasts questionnaire templates, security review workflows, audit-ready vendor details and automated schedules.

The RegTech company’s mission is to remove the need for questionnaires. It believes that companies should be able to assess risk in a single click, instantly seeing whether another company meets security and compliance requirements.

HyperComply aims to be the source of trust for third party management, enabling companies to quickly and easily digest SOC 2, HIPAA, PCI and other compliance information. Through HyperComply, companies will have access to continuous monitoring across all the tools their team uses.

In a blog post announcing the funding round, HyperComply said, “We’ve made progress toward our vision by helping companies respond to security questionnaires faster. HyperComply automates security questionnaire responses with machine learning, and ensures accuracy with dedicated security specialists.

“We’ve saved companies like Alloy, Fullstory, Heap, Salesloft, and Affinity tens of thousands of hours responding to these questionnaires. Sales teams love HyperComply because they can shorten sales cycles without having to wrangle a bunch of people internally to close the deal.

“Security teams love HyperComply too, since they can spend time focusing on actual high-value security work, rather than answering repetitive questions. And companies purchasing software love HyperComply because they get clearly formatted questionnaire responses and can onboard the tools they need faster.”

Earlier in the year, fellow due diligence platform Umazi closed a funding round on $1m.

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