Sprinto secures $10 million from Elevation Capital, Accel & Blume Ventures
Sprinto, a software-as-a-service (Saas) compliance automation platform, has acquired $10 million in Series A funding headed by Elevation Capital with participation from Accel and Blume Ventures.

The funds will be used to expand the company's team across key functions and R&D, according to a statement. Blume Ventures provided $1.5 million in early funding to the startup in January 2020.

"By the end of this quarter, the company will ramp up hiring and create its first North American office in Utah," it stated.

Sprinto is a compliance automation software that helps SaaS firms get compliances such as SOC 2, ISO27001, GDPR, HIPAA, and others. It was founded by Girish Redekar and Raghuveer Kancherla and launched last year.

Sprinto customers can easily close enterprise deals and pass vendor security assessments by obtaining these compliances.

Businesses are increasingly relying on compliances like SOC 2 to ensure that their SaaS vendors maintain their data safe as enterprise SaaS continues to grow tremendously.

To close high-ticket deals, SaaS companies must be SOC 2 compliant.

“As compliance with these standards, including SOC 2, is becoming a critical business need, most companies must rely on infosec consultants and auditors to get the necessary certifications,” Redekar stated.

For SaaS enterprises of all sizes, SOC2 compliance has become a revenue concern. Sprinto intends to become the infosec OS of choice for SaaS service providers, recognising this expanding demand, Kancherla stated.

“Sprinto solves a critical business need in a growing market. It has created a world-class product which is already emerging as the compliance automation platform of choice for SaaS companies and generating tremendous customer acclaim,” said Deepak Gaur, partner, Elevation Capital.