In a significant boost to the automation of risk and compliance processes, Sprinto has announced a $20 million Series B funding round. This investment, led by Accel with contributions from Elevation Capital and Blume Ventures, brings the total funding raised by Sprinto to $31.8 million. The funds are earmarked for advancing research and development, particularly in intelligent automation and AI, and for expanding the platform's global footprint.
Sprinto's platform stands out by integrating with a company's existing processes to create intelligent workflows. This approach not only breaks down silos but also provides a comprehensive view of assets, risks, controls, and compliance. The result is a more structured and efficient security program that delivers tangible results. Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto has quickly grown to serve thousands of customers across more than 75 countries, addressing the founders' firsthand frustrations with the manual and cumbersome nature of compliance processes in their previous venture.
The importance of Sprinto's mission is underscored by the rapid growth of the Governance, Risk, and Compliance (GRC) market, which is expected to expand from $54.61 billion in 2023 to $134.86 billion by 2030. Sprinto's focus on automation and AI positions it as a key player in this burgeoning field. As Girish Redekar, co-founder and CEO of Sprinto, puts it, 'Trust is the currency of any business transaction,' and Sprinto's technology is designed to remove barriers to establishing that trust, thereby accelerating B2B commerce growth.
For businesses grappling with the complexities of compliance and security risks, Sprinto offers a beacon of hope. By automating the tedious aspects of compliance, companies can redirect their focus towards core business activities, secure in the knowledge that their compliance needs are being managed efficiently and effectively. With the backing of its latest funding round, Sprinto is poised to further innovate and expand its solutions, making compliance less of a burden and more of a seamless aspect of business operations.
