Security and compliance platform Drata has netted $25m in its Series A round, which was led by GGV Capital.
Contributions to the Series A came from Okta Ventures and Silicon Valley CISO Investors as well as existing backers Cowboy Ventures and Leaders Fund. Several unnamed strategic investors and security practitioners also supported the investment.
With the equity burst, Drata hopes to hire staff across its go-to-market teams and expand its platform beyond SOC 2 into ISO 27001, the European compliance counterpart, as well as additional security frameworks.
Drata helps companies maintain continuous compliance via automated security control monitoring.
The company was founded in 2010 in response to the founders’ – Adam Markowitz, Daniel Marashlian, and Troy Markowitz – experience with their first venture. Their first business, Portfolium, had a rise in customer requests for proof of the company’s security posture, which required a lot of heavy manual work.
Drata CEO and co-founder Adam Markowitz said, “We knew that there had to be a better way. We launched Drata to help customers automate compliance and build trust. We also developed our platform with customization and flexibility top-of-mind, allowing for the seamless addition of new security frameworks and use by companies from startup level to enterprise.
“The market response has been astounding. We onboarded our 100th customer 60 days after initial launch and are growing at an average month-over-month rate of 100%. With the addition of ISO 27001 and more to come, we’re looking forward to helping more companies achieve and maintain continuous compliance.”
Its customer base, which spans hundreds of companies in various industries, includes Clearco, SmartRecruiters, The Good Face Project, 360 Insights, and Trust & Will.
This investment comes just six months after Drata launched out of stealth following the close of its $3.2m seed round.
GGV Capital investor Oren Yunger said, “Comprehensive proof of a company’s security and compliance posture has quickly become a requirement for doing business.
“Drata’s technology allows a company to streamline the audit preparation process, get immediate visibility into real-time security performance, and understand exactly how their controls map to various compliance frameworks. The company has proven to be a true industry disruptor with their continuous approach to compliance, and GGV looks forward to supporting the team as they rapidly scale.”
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