Venture Capital: Security And Compliance Platform Drata Raises $200M Series C

December 9, 2022 | News, Venture Capital

Drata secured a valuation of $2 billion in the raise.

ICONIQ Growth and GGV Capital led a $200 million Series C round in Drata, a continuous security and compliance automation platform, at a valuation of $2 billion. Other investors included Alkeon Capital, Salesforce Ventures, Cowboy Ventures, S Ventures (SentinelOne), Silicon Valley CISO Investments (SVCI), and FOG Ventures (Operators Guild). Strategic individuals participating in the round included Jeff Weiner (LinkedIn), Frank Slootman (Snowflake), Jennifer Tejada (PagerDuty), Amit Agarwal (Datadog), Olivier Pomel (Datadog), and Jonathan Rubinstein (Amazon), joining Satya Nadella (Microsoft). (CISION PR NEWSWIRE)

Drata: Rapid growth

The Governance, Risk, and Compliance (GRC) market is estimated to reach a size of $15 billion in the next three years. Already, thousands of companies streamline multiple compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection by Drata.

The company, which was founded in mid-2020, raised a $100 million Series B in November 2021. It has more than 2,000 customers, including Fivetran and Lemonade.

“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.

Drata says it is now an industry-leading security compliance platform, having expanded to more than 14 compliance frameworks, standards, and regulations such as GDPR, NIST SP 800-53, and CCPA, among many others. Earlier this year, Drata launched its dynamic Trust Center, enabling customers to proactively display the health of their compliance programs, as well as its Risk Management offering to continuously monitor, identify, assess, and treat risks.

“Since leading Drata’s Series A, we’ve been doubling down in every round. We’ve seen the team commit to both remarkable speed and impeccable execution on its way to becoming the first-choice platform for fully automated GRC and trust,” said Oren Yunger, Partner at GGV Capital.

Related Story:  CyberSecurity Companies Arctic Wolf And NetSPI Rake In The Big Bucks

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