Security assurance platform TrustCloud has raised $15 million in strategic funding led by ServiceNow Ventures. Cisco Investments, Presidio Ventures, OpenView Venture Partners, Tola Capital and existing investors also participated in the round, which TrustCloud will use to accelerate enterprise sales and enhance AI capabilities that automate governance, risk and compliance workflows.
TrustCloud, which provides an AI platform that integrates with IT and cybersecurity systems to automate GRC processes, says it has grown annual recurring revenue 100% year-over-year for three years while maintaining 98%+ gross revenue retention. The Boston-based company serves more than 1,000 businesses, including Corelight, DataRobot, Dolby, DesktopMetal, Grafana and NetApp, helping organizations automate risk assessments and compliance monitoring through what it calls a “hybrid data fabric” that connects to over 100 SaaS tools.
“This strategic investment validates the urgent need to modernize GRC for enterprise CISOs and their teams and unify CISOs and chief risk officers around a shared view of risk,” Sravish Sridhar, CEO of TrustCloud, said in a news release.
