Despite the crucial nature of these tasks, many organisations find it challenging to develop an effective, responsive risk and compliance programme due to the extensive manual work required and a scarcity of resources.

In response to these challenges, Sprinto, an automated risk and compliance platform, has announced a $20 million funding round. The Series B funding round was led by Accel, with contributions from existing investors Elevation Capital and Blume Ventures. With this funding, Sprinto's total raised amounts to $31.8 million. The company plans to allocate the new funds towards R&D, focusing keenly on intelligent automation and AI, and to expand into new markets.

Sprinto aims to enable businesses to manage risk and compliance with greater clarity and confidence, utilising technology based on intelligent automation to remove obstacles to trust. The platform integrates with a company’s processes to automate workflows intelligently using AI, thereby dismantling silos and offering a unified view of assets, risks, controls, and compliance. This methodical strategy bolsters security programmes, ensuring smooth operations and producing tangible outcomes.

Founded in 2020 by Girish Redekar and Raghuveer Kancherla, Sprinto represents their second entrepreneurial venture. The company has attracted thousands of customers and expanded its presence to over 75 countries. The co-founders experienced the complexities of managing compliance in their first venture, Recruiterbox, which was acquired in 2018. They found the process to be laborious, manual, perplexing, and expensive. Sprinto was conceived out of this frustration, designed to assist companies in eliminating tedious tasks through intelligent automation, thus freeing them from the burden of compliance and allowing more time for conducting business.

Girish Redekar, co-founder and CEO of Sprinto, said: “Companies are increasingly dependent on third and fourth parties to provide mission-critical services – from payroll processing to managed web hosting. It’s inevitable that this will expose them to vulnerabilities. They are doing their best to follow best practices for cybersecurity, but less than a quarter of execs believe they are meeting the bar (Bain & Company). Compliance serves as a way of seeding good security behaviors 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 recognizing 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.

The Governance, Risk, and Compliance (GRC) market is undergoing unprecedented changes. Total spending reached $54.61 billion in 2023, and it’s expected to climb to $134.86 billion in 2030 (source: Grandview Research). With its automation-first, intelligent, and adaptive risk and compliance platform, Sprinto is primed to succeed. The founding team and core leadership bring 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.

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." Ravi Adusumalli, Co-managing Partner, Elevation Capital.