Compliance management platform startup Sprinto Technology Pte. Ltd. today announced that it has raised $20 million in new funding to expand into new markets and increase its research and development with a focus on intelligent automation and artificial intelligence.

Founded in 2020, Sprinto offers a compliance management platform tailored to software-as-a-service companies. The company’s software platform automates work, monitors controls in real time and tracks progress with automated checks, control mapping and risk consolidation.

Sprinto seeks to tackle the issue wherein businesses are facing mounting pressure to prioritize security risks and ensure compliance with leading security and privacy standards. The company argues that failing to adhere to the standards can result in a loss of business, hefty regulatory fines and damage to reputation.

Sprinto’s service helps companies that are struggling to build a robust, responsive risk and compliance program due to the amount of manual work involved and the limited availability of resources. Sprinto’s platform creates intelligent workflows using artificial intelligence, tearing down silos to produce a connected view of assets, risks, controls and compliance.

“Companies are increasingly dependent on third and fourth parties to provide mission-critical services – from payroll processing to managed web hosting,” Girish Redekar, co-founder and chief executive officer of Sprinto, explains. “It’s inevitable that this will expose them to vulnerabilities.”

Sprinto says its technology offers intelligent automation to eliminate barriers to establishing trust. The platform plugs into a company’s processes to create intelligent workflows using AI to deliver a structured approach that enhances security programs while fostering seamless operations and tangible results.

The company’s platform supports all major standard security frameworks, including Service Organization Control 2, International Organization for Standardization 27001, the European Union’s General Data Protection Regulation, Health Insurance Portability and Accountability Act and Payment Card Industry Data Security Standard. it also offers custom frameworks tailored to user needs.

Accel Partners Inc. led the Series B round, with existing investors Elevation Capital LLC and Blume Ventures Ltd. also participating. Including the new funding, Sprint has raised $31.8 million to date.

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

Image: Sprinto