- Drata Inc., a firm that helps organizations maintain compliance with security requirements, has secured USD 200 million in a new investment round, valuing the company at USD 2 billion.
- Drata has introduced over 14 more compliance frameworks in the year following the Series B financing, including PCI DCSS, NIST 800-153, and the General Data Protection Regulation of the European Union.
Drata Inc., a firm that helps organizations maintain compliance with security requirements, has secured USD 200 million in a new investment round, valuing the company at USD 2 billion.
In addition to Iconiq Growth and GGV Capital, Alkeon Capital, Cowboy Ventures, Salesforce Ventures and Silicon Valley CISO Investors participated in the Series C round, which Iconiq Growth and GGV Capital led. S Ventures and FOG Ventures are among the new investors. Before this financing, Drata raised USD 128 million, including USD 100 million, in a Series B round last November.
Drata initially aimed to assist firms in conforming to SOC 2 cybersecurity requirements. SOC 2 is an enterprise compliance standard that provides recommended practices for securing sensitive customer information. Maintaining these principles is essential for conducting business in a world where data breaches are rising.
Manually achieving SOC 2 compliance may be arduous, and a large firm could be buried in months of internal audits to achieve it. Drata claims that businesses can automate a significant portion of this process by using their platform, utilizing a visual dashboard to detect problem areas and promptly remedy them.
Drata has introduced over 14 more compliance frameworks in the year following the Series B financing, including PCI DCSS, NIST 800-153, and the General Data Protection Regulation of the European Union. To assist additional regional partners, the business has translated the platform into several languages and developed a community network for security experts.
Drata now offers an end-to-end risk management and assessment platform that clients can incorporate into their workflows to examine their fundamental compliance framework requirements in a centralized location. Risk management is continually monitoring, identifying, evaluating, and treating risks.
Adam Markowitz, the Co-founder and Chief Executive, said, “Since our inception, Drata has been designed to bridge the gap between compliance and trust through automation, and we’ve made significant progress in less than two years.” The business has expanded to service over 2,000 clients in the past two years, including Fivetran, Lemonade, Notion, and Bamboo HR.
According to research by International Data Corp., the pandemic further pressed the need for improved security and compliance amid the growing number of cybersecurity dangers posed by remote work structures. According to the estimate, worldwide risk management revenues are projected to increase from USD 11.3 billion in 2020 to over USD 15.2 billion in 2025.
Markowitz stated that the new financing would accelerate the platform’s expansion and continue to push for greater compliance in product research and development.
Adam Markowitz stated, “This next phase of growth will only further accelerate those efforts, introduce a new wave of open compliance and help us realize our vision of being the trust layer between our incredible customers and those they do business with.”