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Accel leads $20m round in Sprinto

April 2024 by Marc Jacob

Businesses are facing mounting pressure to prioritize security risks and ensure compliance with leading security and privacy standards. Non-adherence can result in loss of business, hefty regulatory fines, and damage to reputation. However, despite the critical importance of these activities, they struggle to build a robust, responsive risk and compliance program due to the amount of manual work involved and the limited availability of resources.

Helping businesses to address these challenges, leading automated risk and compliance platform Sprinto is today announcing a $20m funding round. Accel led the series B funding round with participation from existing investors Elevation Capital and Blume Ventures. Including this round, Sprinto has raised $31.8 million to date. Sprinto will use the fresh funds for R&D, with a sharp focus on intelligent automation and AI, and expanding into new markets.

To empower businesses in navigating risk and compliance with clarity and confidence, Sprinto has pioneered technology rooted in intelligent automation that eliminates barriers to establishing trust. The platform plugs into a company’s processes to create intelligent workflows using AI. By doing so, Sprinto tears down silos and produces a connected view of assets, risks, controls, and compliance. This structured approach enhances security programs, fostering seamless operations and tangible results.

Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto marks their second entrepreneurial endeavor. The company has amassed thousands of customers and extended its reach to more than 75 countries. The co-founders observed first-hand the challenges of dealing with compliance with their first venture Recruiterbox (acquired in 2018). They found it to be tedious, manual, confusing, and costly. Sprinto was born out of this frustration, designed and engineered to help other companies eliminate busywork through intelligent automation, liberating themselves from compliance drudgery and reclaiming time to do business.

Sprinto customer Alessio Panni, Partner and Head of Cloud & Platforms practice at Prometeia commented: "As a leading company in the field of consulting services and software solutions for the financial sector, we firmly believe security and compliance lie at the very heart of our SaaS Cloud offering for risk management and wealth management. Sprinto is our trusted security and compliance platform, enabling us from the early days to enhance protection for our client’s assets and to accelerate the path towards secure growth and compliance goals.

The Governance, Risk, and Compliance (GRC) market is undergoing unprecedented changes. Total spending reached $54.61 billion in 2023, and it’s expected to climb to $134.86 billion in 2030 (source: Grandview Research). With its automation-first, intelligent, and adaptive risk and compliance platform, Sprinto is primed to succeed. The founding team and core leadership bring together decades of collective SaaS experience, drawing from diverse backgrounds as former founders, investors, and senior management professionals at companies like IBM, McKinsey, LinkedIn, Tata Consultancy Services, and BrowserStack.

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