Scrut Automation, a SaaS-based governance, risk, and compliance (GRC) platform, has announced a $10 million growth capital investment from existing investors Lightspeed, MassMutual Ventures, and Endiya Partners. This funding is earmarked for enhancing the platform's capabilities, integrating generative AI to alleviate manual workloads for risk and compliance teams, and accelerating expansion in North American and European markets. With this investment, the total venture funding raised by Scrut Automation since its inception in 2021 reaches $20.5 million.
The company was founded to tackle the specific challenges encountered by tech-first mid-market businesses in highly regulated sectors. These challenges include stringent compliance requirements, the pressure to maintain risk within acceptable limits, and often constrained budgets and staffing. Scrut Automation offers a solution that diverges from the traditional options of off-the-shelf compliance tools or costly enterprise-grade systems, providing a scalable GRC program that aligns with a company's objectives, risks, and resources.
Scrut Automation's platform is designed to consolidate compliance and risk management processes, contextualize risks, minimize redundant efforts, and automate control monitoring. It combines configurability with deep automation and a proprietary unifying control framework, integrating with over 75 products and automating tests for more than 70% of controls. A testimonial from Keshav Kumar, Data Protection Officer at VWO, highlights the platform's effectiveness in simplifying compliance processes amidst rapid business growth and expansion into new markets.
Investors have expressed strong support for Scrut Automation's mission. Dev Khare of Lightspeed emphasized the growing importance of robust GRC practices among mid-size enterprises, citing the platform's user-friendly design and market-leading capabilities. Anvesh Ramineni from MassMutual Ventures praised Scrut Automation for its tailored approach to the needs of high-growth, tech-first companies, distinguishing it from legacy GRC products designed for larger enterprises.
For more information on Scrut Automation and its GRC solutions, visit https://www.scrut.io.
