Drata, a security and compliance automation company, announced $100 million in Series B funding led by Iconiq Growth, with additional investments from Alkeon Capital and Salesforce Ventures. Less than 10 months out of stealth and 16 months since incorporation, Drata’s Series B funding makes the SaaS company one of the fastest to reach a $1 billion valuation. Existing investors GGV Capital, Cowboy Ventures and Leaders Fund also participated in this round.
With its new funding, Drata is planning to launch HIPAA and PCI DSS compliance, expanding on its current offering of ISO 27001 and SOC 2, the company said in a news release.
“We believe Drata’s growth in just 10 months has been nothing short of incredible, and this traction made us strong believers of the team’s exceptional product innovation and category leadership,” said Will Griffith, founding partner at Iconiq Growth.
Since its public launch in January 2021, Drata has expanded rapidly, reaching several notable milestones just this year:
- Securing its first 100 customers in 45 days; on track to reach thousands in 2022
- Expanding revenue 69 percent month-over-month since January
- Building a team of 70 full-time employees; plans to triple in size in the next year
Adherence to compliance frameworks, such as SOC 2 and ISO 27001, has increasingly become necessary to do business but can be resource-intensive to achieve, and companies use Drata to streamline compliance with embedded personnel onboarding, policy templates, vendor management, risk assessment and over 50 third-party application integrations.
Drata is a security and compliance automation platform that helps companies streamline SOC 2, ISO 27001 and HIPAA compliance through continuous, automated control monitoring and evidence collection. For more information, visit drata.com.
About Iconiq Growth
Iconiq Growth is a venture capital firm that focuses on investing in the technology sector. Iconiq Growth’s portfolio includes AirBnB, Alibaba, BambooHR, Braze, Chime, Docusign, Red Ventures, Relativity, Uber and Zoom, among others. For more information, visit iconiqgrowth.com.