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.
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.”