AuditCue has raised $1.5 Mn in a seed funding round led by Kalaari Capital
The startup will utilise fresh capital for product development, accelerating the go-to-market strategy, and expanding the engineering team
The startup also aims to expand in primary geographic markets of North America, India and EU
Chennai-based SaaS startup AuditCue has raised $1.5 Mn in a seed funding round led by Kalaari Capital. Java Capital and San Francisco-based angel investors also participated in the funding round.
AuditCue has been in stealth mode until now, collaborating with experts and advisors to rethink how risks, audits, and controls are managed. Now, the startup is getting ready to share its solution with businesses seeking improved risk and compliance management.
Founded in 2022 by Gaurav Kulkarni and Naren Janakiraman, AuditCue helps with the process of auditing by making it more efficient and easier to manage. It wants to make audits less stressful for both the people doing the audit and the ones being audited. AuditCue helps businesses improve their audit and risk management processes, making them faster and more reliable while allowing flexibility.
“AuditCue is built for CISOs in regulated markets who keep pace with multiple compliance regimes. Unlike legacy solutions or automation products, AuditCue removes friction from audits and empowers auditors and auditees through the entire lifecycle of risk and audit programs. We are transforming the risk and audit experience for our customers to make audits seamless,” Gaurav Kulkarni, cofounder and CEO of Auditcue said.
The startup will utilise fresh capital for product development, accelerating the go-to-market strategy, and expanding the engineering team. The startup also aims to expand in primary geographic markets of North America, India and the EU.
The funding announcement comes when the funding winter seeped into the third quarter (Q3) of 2023 as well. Between the first three quarters of 2023, Indian startups managed to secure just $7 Bn in funding, which is a significant drop from the $22 Bn they raised during the same period in 2022 and the $27 Bn in 2021.
In the third quarter of 2023, funding for startups at the seed stage continued its decline, hitting a low of only $159 Mn, marking a 55% year-on-year decrease, according to Inc42’s latest “Indian Startup Funding Report Q3 2023”.
