SUMMARY
The Series B funding round was led by Accel and also saw participation from existing investors Elevation Capital and Blume Ventures
Sprinto will use the fresh capital for R&D, with a focus on intelligent automation and AI, and to expand into new markets.
Founded in 2020 by former Recruiterbox cofounders Girish Redekar and Raghuveer Kancherla, Sprinto helps enterprises automate risk and compliance requirements
RegTech startup Sprinto has raised $20 Mn (around INR 166.4 Cr) in its Series B funding round led by venture capital firm Accel.
The funding round also saw participation from existing investors Elevation Capital and Blume Ventures, the enterprise tech startup said in a statement.
Sprinto will use the fresh capital for research and development (R&D), with a focus on intelligent automation and artificial intelligence (AI). It will also use a part of the funds to expand into new markets.
Founded in 2020 by former Recruiterbox cofounders Girish Redekar and Raghuveer Kancherla, Sprinto helps enterprises automate risk and compliance requirements. The platform claims to work with any cloud setup and helps enterprises monitor entity-level risks and controls from a single dashboard, while protecting them from cyber risks.
Commenting on the funding Sprinto cofounder and CEO Girish Redekar said, “Compliance serves as a way of seeding good security behaviours that help maintain security while ensuring high operating standards, high service levels, and risks under control… Removing barriers to establishing trust can hyper-accelerate the GDP growth of B2B commerce. We are committed to building the technology that enables this mission.”
Meanwhile, Accel partner Shekhar Kirani said, “Sprinto is doing an
incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient. With a deep understanding of the product and a sharp focus on execution, Sprinto has been on a rare growth trajectory.”
Sprinto counts the likes of zipy, Giift, Shipsy, and DataPlant among its clients. The startup has raised a total funding of $31.8 Mn to date.
In 2022, it raised $10 Mn in Series A funding from Elevation Capital, Accel, Blume Ventures, among others.
Sprinto competes with the likes of Vanta, Tugboat Logic, and SecureFrame in the compliance automation market.
As per a report by Grand View Research, the global enterprise governance, risk management and compliance (EGRC) market stood at $54.61 Bn in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030.
As a result, a number of startups have spawned up globally as well as in India to cash in on this opportunity.
Just last week, Scrut Automation raised $10 Mn (around INR 83 Cr) in growth capital from its existing investors Lightspeed, MassMutual Ventures and Endiya Partners.
