Security Experts:

Drata Scores $100M Investment for Security and Compliance Automation

Valuations for early-stage cybersecurity startups are continuing to soar with news this week that Drata banked $100 million in a funding deal that values the company north of $1 billion.

The new $100 million funding round comes less than 10 months after the San Diego, Calif-based company emerged from stealth with $3 million in seed funding to design and build a security and compliance automation platform.

Drata has positioned itself as a platform that offers businesses a fast way to achieve and maintain SOC 2 and ISO 27001 continuous compliance.

The Series B funding round was led by ICONIQ Growth with additional investments from Alkeon Capital and Salesforce Ventures. Existing investors GGV Capital, Cowboy Ventures, and Leaders Fund also participated.

[ READ: The VC View: Cloud Security and Compliance ]

Less than a year after its public launch, Drata claims it is signing hundreds of new customers and growing its revenue about 70 percent month-over-month since January.

The company plans to triple its workforce over the next year and use the new month to launch two additional frameworks -- HIPAA and PCI DSS -- to its continuous compliance offerings. 

Drata co-founder and chief executive Adam Markowitz described the funding round as the “rocket fuel” that lets the company “move even quicker, launch more frameworks, [and] ship new features.” 

Related: What's Behind the Surge in Cybersecurity Unicorns?

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Related: Data Security Company Symmetry Systems Raises $15 Million

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Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. Ryan is a veteran cybersecurity strategist who has built security engagement programs at major global brands, including Intel Corp., Bishop Fox and GReAT. He is a co-founder of Threatpost and the global SAS conference series. Ryan's past career as a security journalist included bylines at major technology publications including Ziff Davis eWEEK, CBS Interactive's ZDNet, PCMag and PC World. Ryan is a director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world. Follow Ryan on Twitter @ryanaraine.