Cyber security financing
San Diego-based cybersecurity firm Drata recently raised another $200 million in a Series C round, led by ICONIQ Growth and GGV Capital. This latest funding round brings Drata’s total value to $2 billion.
If you haven’t heard of Drata yet, it’s likely because the company just raised its seed round in January 2021. However, the company is growing rapidly. It reached rhino status—which signifies billion-dollar startups—by the end of 2021. Now, just a year later, it’s grown by the same amount, again.
The Drata platform helps companies ensure they comply with government regulations and professional frameworks, such as HIPAA, GDPR, and SOC 2.
In the words of CEO Adam Markowitz, Drata is designed to “bridge the gap between compliance and trust through automation.” In other words, the Drata system helps companies to “color the lines” across a range of industries and programs automatically.
For many companies, adhering to industry rules and regulations is a major concern, as it builds user trust and retains customers – all while keeping the lights on. By automating the compliance process, which is notoriously complex, Drata has hit a key request, and appears poised to capitalize on it.
As emerging technologies such as cryptocurrency and artificial intelligence gain momentum, and interest in consumer data and privacy increases, compliance and risk management have dominated conversations in and around the tech industry.
For consumers, seeing a company like Drata achieve this scale and momentum is promising. It shows that compliance, industry wide, is taken very seriously. We hope Drata will successfully deploy its new funding to continue growth, and create a safer world for both businesses and consumers.
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