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Compliance automation startup Sprinto raises $20 Mn led by Accel

EntrackrEntrackr · 1y ago
Compliance automation startup Sprinto raises $20 Mn led by Accel
Medial

Sprinto, a compliance automation platform for SaaS companies, has secured $20 million in Series B funding round led by Accel along with participation from existing investors Elevation Capital and Blume Ventures. With this, the Bengaluru and San Francisco-based firm has raised a total of $31.8 million to date including a $10 million Series A round in February 2022. The funds will be used for R&D with a focus on intelligent automation and AI, and expansion into new markets, Sprinto said in a press release. Launched in mid-2021 by Girish Redekar and Raghuveer Kancherla, Sprinto helps SaaS companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA in a quick and hassle-free manner. Sprinto helps clients create a real time monitoring system that provides visibility into the processes and policies governed by compliance checklists, and tracks the status of these systems. According to the company, it has amassed more than 1,000 customers and extended its reach to over 75 countries. Majority of its client base are in the US and Europe. It also claimed to have three-fold growth in 2023. Though, the company did not disclose other financial details. In global markets, it competes with the likes of Vanta and Drata. Last week, compliance automation platform Scrut Automation announced that it raised $10 million in a Series A round. Entrackr exclusively reported the development in February.

Scrut Automation kicks off Series A round with $9 Mn

EntrackrEntrackr · 1y ago
Scrut Automation kicks off Series A round with $9 Mn
Medial

Risk-focused compliance automation platform Scrut Automation has raised Rs 75 crore or $9 million in its series A round from existing investors. The round also saw the participation of Lightspeed Partners, MassMutual Ventures, and Endiya Partners. The board at Scrut Automation has passed a special resolution to issue 4,977 Series A CCPS at an issue price of Rs 1,50,188 each to raise Rs 75 crore or $9 million, its regulatory filing sourced from the Registrar of Companies shows. Lightspeed India and MassMutual Ventures pumped in Rs 41.5 crore and Rs 24.9 crore, respectively, while the rest of the amount came from Endiya during the round. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 615 crore or $75 million post-allotment. Scrut Automation has secured over $20 million to date. As per TheKredible, Lightspeed India is the largest shareholder in the startup with a 20.74% stake followed by Endiya Partners and MassMutual Investors with 15.34% and 12.55% shares, respectively. Its co-founders Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company. Founded in 2020, Scrut streamlines numerous labor-intensive compliance tasks through integration with cloud and SaaS tools. It gathers hundreds of evidence artifacts automatically and helps monitor entity-level risks and controls from a single dashboard. It supports 15 compliances including risk management, vendor risk, policy, continuous compliance, evidence collection, access control, and others. It partnered with 20 auditors and has a presence in more than 25 countries. During the fiscal year that ended March 2023, its revenue from operations was recorded at Rs 7.24 crore, rising from Rs 44 lakh in FY22. The Bengaluru-based company also posted a loss of Rs 15.40 crore in the same period.

Frinks AI raises $5.4 Mn in pre-Series A round

EntrackrEntrackr · 1m ago
Frinks AI raises $5.4 Mn in pre-Series A round
Medial

Frinks AI, a deep-tech startup focused on visual inspection and quality control in manufacturing, has raised $5.4 million in its pre-Series A funding round led by Prime Venture Partners. Existing investor Chiratae Ventures, along with Navam Capital and Zen Technologies founder Ashok Atluri, also participated. With this round, the total funding raised by the startup stands at $6.25 million. Founded by Aditya Agrawal, Dharmgya Sharma, and Subhra S. Bhattacherjee, Frinks AI builds foundational Vision AI models tailored for industrial use cases. These models enable manufacturers to automate quality checks and reduce defects. The platform is currently deployed across 1,000 production lines in sectors such as automotive, consumer goods, building materials, and medical devices. The proceeds will be used to expand in international markets, with a focus on the U.S., and strengthen R&D efforts. It is also exploring partnerships with automation companies and OEMs to scale its joint go-to-market strategy.

Novavente raises $3 Mn from Highbrow Securities

EntrackrEntrackr · 1y ago
Novavente raises $3 Mn from Highbrow Securities
Medial

Consulting firm Novavente has raised $3 million in an investment round led by Highbrow Securities. The funds will be used for expansion, enhance offerings and services while significantly boosting the workforce, Novavente said in a press release. Launched by Ronak Rajan in 2016, Novavente is a consulting firm that offers sales, marketing, managed services, technology sales, and B2B Sales. Specialising in global sales enablement and demand generation, it employs AI, machine learning, sales automation, and research-driven strategies to help clients expand in current markets and explore new geographies. Novavente says that it serves global companies, large enterprises, and startups across the US, Europe, UK, Middle East, and Asia Pacific. It has served clients including ONGC, LTIMindtree, Viacom18, Jio Cinema, Sodexo and Alibaba across sectors such as IT, Software, Cloud, Manufacturing, Automotive, and Media. According to the company, it has made investments in developing generative AI products and services. It also invested in Thought Minds Systems Private Limited, an innovative startup specialising in generative AI. ThoughtMinds has expanded to over 50 GenAI specialists and secured multiple major clients across the US, India, and the Middle East.

The Enterprise Opportunity: SaaS Startups, India’s IT Giants Riding The GenAI Wave

Inc42Inc42 · 1y ago
The Enterprise Opportunity: SaaS Startups, India’s IT Giants Riding The GenAI Wave
Medial

Indian IT services companies like TCS, Wipro, and Infosys are embracing GenAI capabilities for various internal and external use cases. These companies are initially using GenAI to optimize operations, but the ultimate goal is to provide GenAI-based solutions to customers. India's digital product startups have been built on the legacy established by IT services giants, making the GenAI revolution significant for the Indian enterprise landscape. Adoption of GenAI is cautious, with companies primarily focusing on streamlining operations and improving customer and employee experience. However, the potential for GenAI to transform large enterprises is immense, and its adoption is expected to increase in the coming years.

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