Total amount raised
$10 Million
Latest funding date
2/1/2022
Location
Sprinto has successfully raised funding over three rounds, with notable investors including Accel and Blume Ventures. The latest funding was secured through a Series B round, underscoring the company's growth and potential in the cloud security compliance sector.
Keep reading to explore the intricacies of Sprinto's fundraising journey and the investors backing this innovative platform.
What Is Sprinto?
Sprinto is a private company based in Bangalore, Karnataka, India, specializing in cloud security compliance. The company automates risk and control management through automated checks and remediation, serving industries such as Cloud Security, Compliance, Cyber Security, Information Technology, and Software.
With an employee count ranging from 251 to 500, Sprinto offers an AI-native Governance, Risk, and Compliance (GRC) platform. This platform is designed to streamline compliance and risk management processes, supporting over 200 frameworks and integrating with more than 300 systems.
How Much Funding Has Sprinto Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: January 2020
- Lead Investors: Blume Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Sprinto's platform.
- Series A Round
- Amount Raised: USD 10,000,000
- Date: February 2022
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and development, expanding Sprinto's market reach and capabilities.
- Series B Round
- Amount Raised: USD 20,000,000
- Date: April 2024
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance automation and AI capabilities, and to expand into new markets.
Total Amount Raised: USD 31,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of private company growth. They have a long history of investing in companies that have become category-defining enterprises.
- Investment Focus Areas: Consumer, Enterprise, Financial technology
- Notable Investments: Facebook, Slack, Dropbox
- Elevation Capital
- Details: Elevation Capital is an India-focused venture capital firm that invests in early-stage startups. The firm aims to support entrepreneurs with the potential to build world-class companies.
- Investment Focus Areas: Consumer internet, SaaS, Financial services
- Notable Investments: Paytm, Swiggy, UrbanClap
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups with both funding and active mentoring. They focus on nurturing and growing the Indian startup ecosystem.
- Investment Focus Areas: Technology, Media, Healthcare
- Notable Investments: Unacademy, Dunzo, HealthifyMe
What's Next for Sprinto?
With the recent $20 million Series B funding, Sprinto is poised to capitalize on significant opportunities in the compliance automation sector. The company plans to enhance its intelligent automation and AI capabilities, targeting a broader range of businesses, including those outside the tech sector. This expansion into new markets and the development of standalone products for third-party and internal risk management highlight the vast potential for growth.
Future fundraising opportunities seem promising as Sprinto continues to scale its operations and enhance its product offerings. The successful Series B round, led by Accel with participation from Elevation Capital and Blume Ventures, sets a positive precedent for future investments. As the company aims to quadruple its intelligent automation capabilities within the next year, additional funding rounds could be anticipated to support these ambitious goals.
However, Sprinto may face challenges such as intense competition from established players like Drata and Vanta, and the need to keep up with evolving regulatory requirements. Ensuring the scalability and reliability of their platform as they expand will be crucial. Despite these challenges, Sprinto's strategic focus on innovation and market expansion positions it well for continued success in the compliance automation industry.
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