Rising Global Demands for Effortless Compliance Drive Rapid Growth of Compliance Automation Platform
SAN DIEGO, December 7, 2022 /PRNewswire/ — Drataa continuous security and compliance automation platform, announced today $200 million in a Series C funding co-led by ICONIQ Growth and GGV Capital. Latest Funding Round Doubles Drata’s Valuation to $2 billion since his series B in November 2021as the company moves forward on its mission to make compliance effortless and accessible to businesses of all sizes.
“The Drata team continues to raise the bar with its innovative platform and customer-centric approach,” said Will Griffith, Founding Partner at ICONIQ Growth. “The speed at which the company operates continues to amaze us. We look forward to supporting Drata’s future growth as they solidify their leadership position in the compliance and security automation industry.”
Alkeon Capital also made a significant investment in this cycle. Other investors in the round include Salesforce Ventures, Cowboy Ventures, S Ventures (SentinelOne), Silicon Valley CISO Investments (SVCI) and FOG Ventures (Operators Guild). Strategic personalities participated in the round, in particular Jeff Weiner (LinkedIn), Frank Slootman (Snowflake), Jennifer Tejada (PagerDuty), Amit Agarwal (Datadog), Olivier Pomel (Datadog), and Jonathan Rubinstein (Amazon), joining Satya Nadella (Microsoft), which invested in Drata’s $100 million Series B tower.
Following its momentous B-series last year, Drata has grown into an industry-leading security compliance platform, spanning over 14 compliance frameworks, standards and regulations such as GDPR , NIST SP 800-53 and CCPA, among others. Earlier this year, Drata launched its dynamic Trust Center, allowing clients to proactively view the health of their compliance programs, as well as its Risk Management offering to continuously monitor, identify, assess and address risks. . In addition to launching support for multiple languages, Drata has also deepened its integrations with over 75 applications and systems to provide complete visibility into an organization’s security posture. Become an integral part of an organization’s security stack, the company has more than 2,000 customers, including Fivetran and Lemonade, to streamline ongoing compliance and turn trust into a competitive advantage.
“Since our inception, Drata has been designed to bridge the gap between compliance and trust through automation, and we have made significant progress in less than two years,” said Adam Markowitz, co-founder and CEO of Drata. “This next phase of growth will only further accelerate those efforts, usher in a new wave of open compliance, and help us achieve our vision of being the layer of trust between our amazing customers and those they do business with.”
With the global GRC market should reach $15 billion over the next three years, Drata will use the funds to continue to invest heavily in research and development (R&D) as the company continues to develop its enterprise solution, Automation First. At the same time, Drata remains committed to investing in features for startups and auditors to provide streamlined pathways to compliance without sacrificing quality and integrity.
“Since leading Drata’s Series A, we’ve doubled at every turn. We’ve seen the team commit to both remarkable speed and impeccable execution to become the go-to platform for the Fully automated GRC and trust,” said Oren YoungerPartner at GGV Capital.
For more information on Drata’s Series C funding, please visit: drata.com/blog/announcing-series-c.
About Drata
Drata is the world’s most advanced security and compliance automation platform with a mission to make compliance effortless and accessible. With Drata, thousands of companies streamline over 14 compliance frameworks, such as SOC 2, ISO 27001, GDPR, and more. for annual audits. The company is backed by ICONIQ Growth, Alkeon Capital, Salesforce Ventures, GGV Capital, Cowboy Ventures, S Ventures, Leaders Fund, Okta Ventures, SVCI, SV Angel and many key industry leaders. For more information, visit www.drata.com.
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem help amplify the success of our portfolio companies from early growth stage to IPO and beyond. Our portfolio 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. Raised by our global community of founders, pioneers and leaders, we are entrepreneurs supporting entrepreneurs. For more information, please visit ICONIQGrowth.com.
About GGV Capital
GGV Capital is a global venture capital firm focused on multi-stage sector investments. Recognizing that the talent to build great companies can come from anywhere, the company invests in founders who build best-in-class companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV manages $9.2 billion investments through United States, Canada, China, South East Asia, India, Latin Americaand Israel. Over the past two decades, the company has supported over 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Grab, HashiCorp, Hello, Keep, Kujiale, Manbang, Opendoor Technologies, Poshmark, Qunar/Ctrip, Slack , Square, StockX, Udaan, XPeng, Zendesk, etc. More information can be found at www.ggvc.com and @ggvcapital.
Media Contact
Sophie Hatef
Drata
[email protected]
SOURCEDrata Inc.
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