Wednesday, May 10, 2023
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Friday Funding: Drata Doubles Its Valuation

Funding for Cybersecurity

San Diego-based cybersecurity agency Drata just lately 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 complete valuation to $2 billion.

Should you haven’t heard of Drata but, it’s most likely 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 12 months later, it has grown by that very same quantity, once more.

Automated Compliance

Drata’s platform helps firms be sure that they’re staying compliant with authorities rules {and professional} frameworks, akin 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 “colour contained in the traces” throughout a spread of industries and applications, routinely.

For a lot of firms, staying compliant with business guidelines and rules is a prime concern, because it builds person belief and retains clients — all whereas protecting the lights on. By automating the compliance course of, which is notoriously advanced, 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 client information and privateness growing, compliance and danger administration have dominated conversations in and concerning the tech business.

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

In search of extra tales like this? Take a look at On the Cash — SoFi’s one-stop-shop for information, developments, and ideas!

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