Friday, May 24, 2024

Friday Funding: Drata Doubles Its Valuation

Funding for Cybersecurity

San Diego-based cybersecurity agency Drata not too long ago raised one other $200 million in a Sequence C spherical, led by ICONIQ Progress and GGV Capital. This most up-to-date funding spherical brings Drata’s whole valuation to $2 billion.

In case you haven’t heard of Drata but, it’s in all probability as a result of the corporate simply raised its seed spherical in January 2021. Nevertheless, the corporate is rising quick. It reached unicorn standing — denoting startups valued at $1 billion — by the tip of 2021. Now, only a yr later, it has grown by that very same quantity, once more.

Automated Compliance

Drata’s platform helps firms make sure that they’re staying compliant with authorities rules {and professional} frameworks, corresponding to HIPAA, GDPR, and SOC 2.

Within the phrases of CEO Adam Markowitz, Drata is “designed to bridge the hole between compliance and belief by way of automation.” In different phrases, Drata’s system helps firms “shade contained in the strains” throughout a spread of industries and packages, mechanically.

For a lot of firms, staying compliant with trade guidelines and rules is a high concern, because it builds person belief and retains prospects — all whereas retaining the lights on. By automating the compliance course of, which is notoriously complicated, Drata hit on a key demand, and seems to be primed to capitalize on it.

For Customers

With rising applied sciences like cryptocurrency and synthetic intelligence gaining momentum, and curiosity in shopper information and privateness growing, compliance and danger administration have dominated conversations in and concerning the tech trade.

For customers, seeing an organization like Drata obtain such scale and momentum is promising. It exhibits that, on an trade degree, compliance is being taken critically. Hopefully, Drata will efficiently deploy its newfound funding to proceed to develop, making a safer world for each firms and customers.

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