The more compliance becomes normalized, companies can no longer afford to ignore or avoid it, and those that embrace it need a way to do so scalably with automation.” “It becomes even more vital for fast-growing companies when you consider other countries have varying preferences toward unique compliance frameworks, standards or regulations. “When you factor evolving threats to data, and increasing privacy regulations, security and compliance are now essential to an organization’s infrastructure,” Drata co-founder and CEO Adam Markowitz explained to TechCrunch. In tandem, companies have had to up their data privacy game, particularly where personally identifiable information (PII) is concerned, to meet a growing array of regulations and frameworks designed to safeguard sensitive user data.
The reason may be somewhat obvious, vis-à-vis data is the cornerstone of just about every modern-day business, powering everything from AI applications and CRM systems to digital medical services. So while layoffs and lower valuations have been a key talking point in the venture capital sphere this past year, it seems that security compliance and automation is somewhat bucking that trend.
DRATA SOC 100M ICONIQ GROWTH SERIES
The raise comes just a year after the San Diego-based company hit unicorn status off the back of a $100 million Series B funding round, while in the intervening months rivals in the space, including Secureframe and Laika, have each raised $50 million-plus, while Vanta secured $150 million across two tranches this year at a valuation north of $1.6 billion. Drata, a security compliance and automation platform that helps companies adhere to frameworks such as SOC 2 and GDPR, has raised $200 million in a Series C round of funding co-led by Iconiq Growth and GGV Capital, valuing the company at $2 billion.
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