Sprinto Secures $20 Million to Fuel Growth in Risk & Compliance Automation

Sprinto, a leading risk and compliance automation platform, has secured $20 million in an equity funding round led by Accel. This fresh infusion of capital will empower Sprinto to accelerate its growth trajectory and solidify its position as a global leader in the GRC (Governance, Risk, and Compliance) automation space.

• Funding Led by Accel with Existing Investors Backing: The round was spearheaded by Accel, with participation from existing investors Elevation Capital and Blume Ventures.

• Focus on R&D, Customer Experience, and Market Expansion: Sprinto will utilize the funds for research and development (R&D) to enhance product capabilities, improve customer experience, and expand into new markets.

• Intelligent Automation Tailored for Diverse Needs: Sprinto's core focus lies in developing adaptable automation solutions that cater to the unique needs of different businesses.

• Comprehensive Platform for Various Industries: The company's SaaS platform assists businesses in navigating cyber risks and complying with regulations across various sectors, including technology, finance, healthcare, and fintech.

• Global Expansion and Revenue Growth Ambitions: Sprinto aims to triple its revenue in 2024 and establish itself as a leader in both new geographic regions and new market segments within existing regions.

• Sprinto CEO Girish Redekar: Emphasized the importance of R&D for developing intelligent automation and the company's ambitious revenue target for 2024.

• Accel Partner Shekhar Kirani: Highlighted the growing importance of information security and compliance for businesses of all sizes and industries.

• Elevation Capital Co-Managing Partner Ravi Adusumalli: Expressed excitement about deepening their partnership with Sprinto and supporting their disruptive approach to cloud security and compliance.

Market Context:

This funding round comes shortly after Scrut Automation, another player in the GRC space, secured $10 million in growth capital. The increasing emphasis on data security, cloud adoption, and compliance mandates is driving significant growth in the GRC automation market, creating a fertile ground for Sprinto's expansion plans.

Looking Forward:

With its focus on intelligent automation, customer-centric approach, and aggressive growth strategy, Sprinto is well-positioned to capitalize on the burgeoning demand for GRC solutions. The company's expansion plans and continuous development efforts hold promise for solidifying its leadership role in the risk and compliance automation landscape.