Drata, a San Diego, CA-based continuous security and compliance automation platform, announced that it raised $200 million in a Series C funding at 2 billion valuations.
The round was co-led by ICONIQ Growth and GGV Capital, with participation from Alkeon Capital, Salesforce Ventures, Cowboy Ventures, S Ventures, Silicon Valley CISO Investments, and FOG Ventures.
Strategic individuals also participated in the round, including Jeff Weiner (LinkedIn), Frank Slootman (Snowflake), Jennifer Tejada (PagerDuty), Amit Agarwal (Datadog), Olivier Pomel (Datadog), and Jonathan Rubinstein (Amazon), joining Satya Nadella (Microsoft), who invested in Drata's $100 million Series B round.
Drata will use the funds to continue investing heavily in research and development (R&D) as it builds its enterprise-grade, automation-first solution.
"Since our inception, Drata has been designed to bridge the gap between compliance and trust through automation, and we've made significant progress in less than two years," said Adam Markowitz, Drata Co-Founder, and CEO. "This next phase of growth will only further accelerate those efforts, introduce a new wave of open compliance, and help us realize our vision of being the trust layer between our incredible customers and those they do business with."
Drata launched its dynamic Trust Center earlier this year, allowing customers to proactively display the health of their compliance programs, as well as its Risk Management offering, which continuously monitors, identifies, assesses, and treats risks.
It expanded its integrations with more than 75 applications and systems to provide full visibility into an organization's security posture, in addition to adding support for multiple languages.
The company has more than 2,000 customers, including Fivetran and Lemonade, to streamline continuous compliance and turn trust into a competitive advantage as it evolves into an integral part of an organization's security stack.
Company: Drata Inc.
Raised: $200.0M
Round: Series C
Funding Month: December 2022
Lead Investors: ICONIQ Growth and GGV Capital
Additional Investors: Alkeon Capital, Salesforce Ventures, Cowboy Ventures, S Ventures, Silicon Valley CISO Investments, FOG Ventures, Jeff Weiner, Frank Slootman, Jennifer Tejada, Amit Agarwal, Olivier Pomel, Jonathan Rubinstein, and Satya Nadella
Company Website: https://drata.com/
Software Category: Governance, Risk Management, and Compliance (GRC) Software
About the Company: Drata is the world's most advanced security and compliance automation platform, with the mission to make compliance effortless and accessible. Its software automates the process of real-time monitoring and documentation of cyber-security and data-privacy controls for audit compliance. It is built to handle 14 compliance standards and counting, including HIPAA health information privacy rules, National Institute of Standards and Technology (NIST) cyber-security guidelines, and General Data Protection Regulation mandates, among others. With Drata, thousands of companies streamline over 14 compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. Drata is based in San Diego, CA, with team members across the globe.
Source: https://www.prnewswire.com/news-releases/dratas-valuation-rises-to-2-billion-with-200-million-series-c-funding-301696704.html