The round landed six months after its seed round in January, and was led by GGV Capital, with participation from Silicon Valley CISO Investors, Okta Ventures, Cowboy Ventures, Leaders Fund, and SV Angel. In total, it has raised nearly $28.2 million to date.
With the new funding, the company plans to expand its customer base and add compliance functionality beyond the current SOC 2 standard in the U.S. and the corresponding standard in Europe.
“We knew that there had to be a better way”, said Adam Markowitz, CEO and co-founder of Drata. “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.”
Has Over 100 Customers
Founded in 2020, by Markowitz, Daniel Marashlian and Troy Markowitz. Drata aims to become the fastest and simplest solution for companies to achieve continuous SOC 2 compliance.
Its platform claims to bring all aspects of SOC 2 compliance into one complete solution. In addition, it helps businesses automate a lot of the evidence collection as they prepare for a SOC 2 audit.
The company said it is growing on average 100% month-over-month since it launched out of stealth and is serving hundreds of customers, including three-person startups to publicly traded companies. Notable customers include Clearco, SmartRecruiters, The Good Face Project, 360 Insights and Trust & Will.
Top Concern
Drata joins several other companies in the compliance space. Secureframe raised $18 million at Series A in March to offer SOC 2 and ISO 27001 certifications. Strike Graph raised a $3.9 million seed round last year to help companies automate security audits. Osano in 2019 also raised $5.4 million at Series A to build out its risk and compliance platform.
“Comprehensive proof of a company’s security and compliance posture has quickly become a requirement for doing business,” said Oren Yunger of GGV Capital.
Drata
FOUNDED: 2020
CEO: Adam Markowitz
BUSINESS: Compliance and security automation company
HEADQUARTERS: San Diego
EMPLOYEES: 16
FUNDING: $28.2 million
WEBSITE: www.drata.com
NOTABLE: Founding team successfully built and sold Portfolium in 2019.
CONTACT: support@drata.com