New Delhi: Sprinto, a software company specializing in automating risk management and compliance tasks, has secured a total of $20Mn in funding in its Series B round. This significant investment was held by Accel, accompanied by contributions from current investors Elevation Capital and Blume Ventures.
The company’s strategic allocation of funds involves two primary objectives. Firstly, it intends to drive further research and development initiatives, with a specific focus on advancing AI and intelligent automation within its software suite. Secondly, Sprinto aims to utilize the capital to execute an expansion strategy targeting new markets, to broaden its global business reach.
Established in 2020, Sprinto has witnessed substantial growth, with a diverse clientele spanning over 75 countries. The co-founders, Girish Redekar and Raghuveer Kancherla, previously established Recruiterbox, which was acquired by Turn/River Capital in 2018.
The governance, risk, and compliance (GRC) market is dedicated to significant expansion, as indicated by a report from Grandview Research. The market size, valued at $54.61 billion in 2023, is projected to expand to $134.86 billion by 2030. Sprinto is assured of using AI-powered solutions to streamline compliance processes and strengthen security programs for businesses.