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
Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
More from Ryan Naraine
- New ‘Sandman’ APT Group Hitting Telcos With Rare LuaJIT Malware
- CrowdStrike to Acquire Application Intelligence Startup Bionic
- HiddenLayer Raises Hefty $50M Round for AI Security Tech
- Microsoft AI Researchers Expose 38TB of Data, Including Keys, Passwords and Internal Messages
- Extradited Russian Hacker Behind ‘NLBrute’ Malware Pleads Guilty
- Caesars Confirms Ransomware Hack, Stolen Loyalty Program Database
- AuthMind Scores $8.5M Seed Funding for ITDR Tech
- Zero-Day Summer: Microsoft Warns of Fresh New Software Exploits
Latest News
- China’s Offensive Cyber Operations in Africa Support Soft Power Efforts
- Air Canada Says Employee Information Accessed in Cyberattack
- BIND Updates Patch Two High-Severity DoS Vulnerabilities
- Faster Patching Pace Validates CISA’s KEV Catalog Initiative
- SANS Survey Shows Drop in 2023 ICS/OT Security Budgets
- Apple Patches 3 Zero-Days Likely Exploited by Spyware Vendor to Hack iPhones
- New ‘Sandman’ APT Group Hitting Telcos With Rare LuaJIT Malware
- Every Network Is Now an OT Network. Can Your Security Keep Up?
