Drata Achieves Unicorn Status With $ 100 Million In Series B Funding
SAN DIEGO, November 8, 2021 / PRNewswire / – Drata, a next-generation security and compliance automation company, today announced $ 100 million in Series B financing led by ICONIQ growth, with additional investments from Alkeon Capital and Salesforce Ventures. Less than 10 months of stealth and 16 months since its incorporation, Drata’s Series B funding makes the SaaS company one of the fastest to reach a $ 1 billion Evaluation. Existing investors GGV Capital, Cowboy Ventures and Leaders Fund also participated in this round.
“We think Drata’s growth in just 10 months has been nothing short of amazing, and that traction has made us firmly believe in the team’s exceptional product innovation and category leadership,” said Will griffith, founding partner at ICONIQ Growth. “We’re inspired by companies that truly have the power to drive change, and we believe Drata’s automation-driven platform has the power to do so through its unique strategic value combined with a deep love for people. clients and its ability to execute. “
Since its public launch in January 2021, Drata has achieved exceptional milestones for the company, including:
- Secure its first 100 customers in 45 days, now on track to reach thousands in 2022
- Revenue up 69% month over month since January
- Build a team of 70 full-time employees, with plans to triple in size over the next year
Now, alongside the new funding, Drata is preparing to launch two additional frameworks, HIPAA and PCI DSS, expanding its current offering of ISO 27001 and SOC 2. The company will continue to innovate with new features that further streamline compliance and monitor security. posture for companies operating in the cloud.
“This latest round of funding is still just a start, and with it, we are confident in our ability to accelerate Drata’s growth and leadership position in the market,” said Drata CEO and Co-Founder. Adam markowitz. “Trust is at the heart of what we do, and we are deeply grateful to our customers, investors and trusted partners who help Drata continue to push the boundaries by delivering its world-class product experience. We look forward to the future as we rapidly grow our team and expand our product offering. “
This unprecedented growth is driven by demand for its premier product, coupled with the growing importance of security, compliance and trust among cloud-based businesses. Adhering to compliance frameworks, such as SOC 2 and ISO 27001, has become increasingly necessary to do business, but can be resource intensive. Drata champions an automation-driven approach to help businesses of all sizes build and maintain their compliance program and continuously monitor their security posture. Trusted by hundreds of companies including Notion, FullStory, Amplitude, and Abnormal Security, Drata streamlines the compliance process with onboarding staff, policy templates, vendor management, risk assessment, over 50 third-party app integrations, and more.
To learn more about Drata’s Series B Funding, please visit: drata.com/blog/drata-series-b.
Drata is the world’s most advanced security and compliance automation platform, whose mission is to help businesses earn and maintain the trust of their users, customers, partners and prospects. With Drata, organizations streamline SOC 2, ISO 27001, and HIPAA compliance through continuous, automated monitoring of controls and collection of evidence, resulting in a strong security posture, lower costs and less time spent to prepare the annual audits. The company is backed by ICONIQ Growth, Alkeon Capital, Salesforce Ventures, GGV Capital, Cowboy Ventures, Leaders Fund, Okta Ventures, SVCI, SV Angel and many key industry leaders. For more information visit drata.com.
About ICONIQ Growth
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive impact and change globally. We are inspired by visionaries who define the future of their industries by creating corporate cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s dynamic ecosystem of founders, pioneers and CEOs with the goal of delivering tangible value and amplifying the success of our portfolio companies, from initial growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake , Sprinklr, Truckstop, Uber, Wolt and Zoom, among others. For more information and a full list of portfolio companies, please visit ICONIQGrowth.com.
SOURCE Drata Inc.