SaaS platform Sprinto raises $20 million in Series B round led by Accel

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Sprinto, an automated risk and compliance software provider, has raised $20 million in its Series B funding round led by Accel with participation from existing investors Elevation Capital and Blume Ventures in yet another instance of investors doubling down on early-stage SaaS firms.

The firm will use the funds towards research and development, focusing on intelligent automation and AI as well as to expand into new markets, the startup said in a statement on April 9.

"I've seen how CEOs are now increasingly engaged in risk and compliance-related projects, transitioning from viewing it solely as a monitoring and reporting mechanism for regulators to recognizing its potential as a driver of growth.  We are committed to building the technology that enables this mission," founder Girish Redekar said.

Founded in 2020 by Redekar and Raghuveer Kancherla, Sprinto has claims to have thousands of customers and extended its reach to more than 75 countries. The co-founders first founded Recruiterbox, which was acquired in 2018 by Turn/River Capital.

As per Grandview Research report, the governance, risk, and compliance (GRC) markets are poised to grow and the companies have spent around $54.61 billion in 2023 and it’s expected to climb to $134.86 billion in 2030.

Sprinto has adopted AI to create intelligent workflows for companies. The firm helps enhance security programmes, fostering seamless operations and tangible results.

In February 2022, the firm raised around $10 million from Elevation Capital and Accel. After the latest round, Sprinto has now raised $31.8 million.

"Every company — whether tech-enabled or traditional, large or mid-sized — is increasingly required to comply with standard frameworks and protocols. Sprinto is doing an incredible job of helping companies focus on their core business by making compliance low-touch, automated, and efficient," said Shekhar Kirani, Partner at Accel.