Scrut Automation raises $7.5 million in funding round led by MassMutual Ventures
A senior company official announced that MassMutual Ventures-led investment round raised USD 7.5 million for IT firm Scrut Automation, which specialises in Governance, Risk and Compliance (GRC) automation. CEO and Co-Founder of Scrut Automation, Aayush Ghosh Choudhury, stated that the new round of fundraising occurred at a value that was four times larger than the previous round, which raised USD 3 million for the company one year earlier.
In order to increase their ownership in the business, existing investors Lightspeed and Endiya Partners took part in the investment round, according to Choudhury. "We still have 40% of the money we raised in the previous round in the bank. The most recent round of finance has a more strategic focus "said he. As the company hopes to boost its client base by 30–40 times by the end of this year, it will use the money to develop new products.
"Currently, we have about 50 logos. By the end of 2023, we hope to have 1,500 to 2,000 logos "added Choudhury. With customers in India, Singapore, and the US, the business currently offers them a unified view of an organization's compliance status.
Anvesh Ramineni, managing partner at MassMutual Ventures, stated that "we believe their (Scrut's) comprehensive compliance and security capabilities would assist quickly expanding enterprises around the world in speeding sales growth."
In order to increase their ownership in the business, existing investors Lightspeed and Endiya Partners took part in the investment round, according to Choudhury. "We still have 40% of the money we raised in the previous round in the bank. The most recent round of finance has a more strategic focus "said he. As the company hopes to boost its client base by 30–40 times by the end of this year, it will use the money to develop new products.
"Currently, we have about 50 logos. By the end of 2023, we hope to have 1,500 to 2,000 logos "added Choudhury. With customers in India, Singapore, and the US, the business currently offers them a unified view of an organization's compliance status.
Anvesh Ramineni, managing partner at MassMutual Ventures, stated that "we believe their (Scrut's) comprehensive compliance and security capabilities would assist quickly expanding enterprises around the world in speeding sales growth."
