San Francisco-based startup Sprinto has recently announced the completion of a $20.3 million funding round, attributing its rapid growth to its ability to help organizations address the increasing challenges associated with risk and compliance work. Founded just four years ago, Sprinto now boasts over 1,000 customers in 75 countries worldwide. CEO Girish Redekar emphasizes the company’s focus on helping businesses build trust through its cloud-based platform, which automates a significant portion of risk and compliance work by integrating with existing software to collect necessary data for effective risk monitoring and internal oversight.
As regulators worldwide introduce new standards and requirements for data protection and cyber security, organizations are under increasing pressure to demonstrate compliance. Sprinto’s platform also creates an audit trail that can be utilized when working with third parties, further establishing trust with stakeholders. Redekar highlights that the importance of high-quality risk and compliance work extends beyond meeting regulatory requirements, emphasizing that it also plays a crucial role in inspiring trust among customers and opening doors to new markets and opportunities for growth.
Prometeia, a consultant in the financial services sector, is one company that has adopted Sprinto’s solutions, recognizing the importance of security and compliance in their cloud offering for risk management and wealth management. Alessio Panni, head of cloud & platforms practice at Prometeia, notes that Sprinto has helped enhance protection for clients’ assets and accelerate their path towards secure growth and compliance goals. With the governance, risk, and compliance market expected to reach $135 billion by 2030, Sprinto aims to capitalize on this growth by doubling down on product development and expanding its presence in international markets.
Competitors such as Vanta, Drata, and Hyperproof are also targeting similar customers in the rapidly growing risk and compliance market. Sprinto’s latest funding round, led by Accel with participation from existing investors Elevation Capital and Blume Ventures, marks an important milestone in the company’s development. Shekhar Kirani, a partner at Accel, acknowledges the increasing importance of information security in the enterprise, noting that every company, regardless of size or industry, is required to comply with standard frameworks and protocols, making compliance low-touch, automated, and efficient.
Ravi Adusumalli, co-managing partner at Elevation Capital, praises Sprinto’s product quality and capital-efficient growth since their series A fundraising in 2021. The company’s success is attributed to its ability to help companies focus on their core business while effectively managing compliance requirements in an increasingly digitized world. As organizations of all sizes face mounting pressure to prioritize cyber security and data protection, Sprinto’s platform offers a valuable solution to streamline risk and compliance work, ultimately building trust and enabling sustainable growth in a competitive market landscape.
