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London Tech Week

Accel leads Sprinto’s $20M round to expand its compliance and risk platform

Sprinto founders
Picture credits: Sprinto

Businesses are facing mounting pressure to prioritise security risks and ensure compliance with leading security and privacy standards. Non-adherence can result in loss of business, hefty regulatory fines, and damage to reputation. However, despite the critical importance of these activities, they struggle to build a robust, responsive risk and compliance program due to the amount of manual work involved and the limited availability of resources.

Sprinto, a California-based automated risk and compliance platform, helps businesses address these challenges. The startup just secured $20 million in Series B funding led by Accel along with participation from existing investors Elevation Capital (invested in Brine Fi and IMPACT+) and Blume Ventures. 

With this round, Sprinto has raised a total funding of $31.8 million to date. It will use the fresh funds for R&D with a focus on intelligent automation and AI, and expanding into new markets.

Idea behind Sprinto

Girish Redekar and Raghuveer Kancherla co-founded Sprinto in 2020 after they observed first-hand the challenges of dealing with compliance with their first venture Recruiterbox, which was acquired in 2018. They found it to be tedious, manual, confusing, and costly. 

Sprinto was born out of this frustration, designed and engineered to help other companies eliminate busywork through intelligent automation, liberating themselves from compliance drudgery and reclaiming time to do business.

Helps businesses build trust with customers

With its automation-first, intelligent, and adaptive risk and compliance platform, Sprinto’s team brings together decades of collective SaaS experience, drawing from diverse backgrounds as former founders, investors, and senior management professionals at companies like IBM, McKinsey, LinkedIn, Tata Consultancy Services, and BrowserStack. 

To empower businesses in navigating risk and compliance with clarity and confidence, the platform plugs into a company’s processes to create intelligent workflows using AI. By doing so, Sprinto tears down silos and produces a connected view of assets, risks, controls, and compliance. This structured approach enhances security programs, fostering seamless operations and tangible results. Now, it has amassed thousands of customers and extended its reach to over 75 countries. 

It supports all major standard security frameworks and custom frameworks tailored to users’ needs. With flexible and intelligent features, including adaptive automation, equips businesses with a comprehensive toolkit to navigate cyber risk and regulatory requirements seamlessly, ensuring that compliance and audits never hinder growth.

Girish Redekar, co-founder and CEO of Sprinto, said: “Compliance serves as a way of seeding good security behaviours that help maintain security while ensuring high operating standards, high service levels, and risks under control. I’ve seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognising its potential as a driver of growth. Trust is the currency of any business transaction. Removing barriers to establishing trust can hyper-accelerate the GDP growth of B2B commerce. We are committed to building the technology that enables this mission.”

Sprinto customer Alessio Panni, Partner and Head of Cloud & Platforms practice at Prometeia commented: “As a leading company in the field of consulting services and software solutions for the financial sector, we firmly believe security and compliance lie at the very heart of our SaaS Cloud offering for risk management and wealth management. Sprinto is our trusted security and compliance platform, enabling us from the early days to enhance protection for our client’s assets and to accelerate the path towards secure growth and compliance goals.”

Shekhar Kirani, Partner at Accel, commented: “With the proliferation of data across digital platforms, the secular shift to the cloud, and the growing adoption of SaaS tools, information security is gaining central importance in the enterprise. Every company – whether tech-enabled or traditional, large or mid-sized – is increasingly required to comply with standard frameworks and protocols. Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient. With a deep understanding of the product and a sharp focus on execution, Sprinto has been on a rare growth trajectory. We are thrilled to partner with Girish, Raghuveer, and their team at Sprinto in their mission to ensure that compliance becomes a driver of growth for businesses.”

“We are thrilled to deepen our partnership with Sprinto as they continue to disrupt cloud security and compliance. Girish, Raghu, and the team have created a superior and comprehensive product, enabling hundreds of customers to achieve their compliance necessities. Sprinto’s reviews and customer feedback are a testament to the product quality, which has enabled the company to grow over twenty times in a highly capital-efficient way since we led their Series A fundraising in 2021,” said Ravi Adusumalli, Co-managing Partner, Elevation Capital.

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