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?

Related: Data Privacy Compliance Startup CYTRIO Launches With $3.5

Related: Data Security Company Symmetry Systems Raises $15 Million

view counter
Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a journalist and cybersecurity strategist with more than 20 years experience covering IT security and technology trends. Ryan has built security engagement programs at major global brands, including Intel Corp., Bishop Fox and Kaspersky GReAT. He is a co-founder of Threatpost and the global SAS conference series. Ryan's career as a journalist includes 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, and a regular speaker at security conferences around the world. Follow Ryan on Twitter @ryanaraine.