Drata raises $3.2M for its compliance audit platform – ProWellTech
Drata, a startup that helps businesses achieve SOC 2 compliance, announced today that it has raised a $ 3.2 million seed round led by Cowboy Ventures and is sneaking out. Other investors include Leaders Fund, SV Angel, and a group of angel investors.
Like similar services, Drata helps companies automate much of their evidence collection as they prepare for a SOC 2 audit. The focus of the service is obviously on running tests against the SOC 2 framework to help companies prepare for their own. audit (and to prepare the right materials for the auditor). To do this, it offers integrations with many standard online business tools and cloud services to regularly capture data. An interesting feature is that it also allows you to go through all the various sections of the SOC 2 criteria to check your current availability for an audit.
At the end of the day, tools like Drata are meant to get you through an audit, but at the same time, the idea here is also to give you a better idea of your security position. For this, Drata offers continuous control monitoring, as well as tools to monitor whether your employees have activated all the right controls on their work computers, for example. Since companies also need to renew their certification regularly, Drata can help them continuously collect all data for their renewal, which previously often involved tedious – and quickly forgotten – manual tasks such as taking screenshots of various settings each month. about.
Drata co-founder and CEO Adam Markowitz worked on space shuttle engines after graduating from college and then launched his startup, Portfolium, upon completion of the program. Portfolium, which helped students showcase their work in the form of – you guessed it – a portfolio, finally sold to Instructure in 2019, where Markowitz stayed until he launched Drata last June, along with a group of former founders and Portfolium engineers. In addition to Markowitz, co-founders include CTO Daniel Marashlian and CRO Troy Markowitz. It was the team’s experience of seeing companies go through the audit process, which has traditionally been a manual and manual process, that led them to try to build their own solution.
The company has already managed to register a number of customers before its official launch. These include NetApp Spot, Accel Robotics, Abnormal Security, Chameleon, and Vareto. As Markowitz told me, even though Drata already had clients using the service to prepare for audits, the team wanted to remain in stealth mode until they used their tool to perform their own audit. With that out of the way and Drata receiving its SOC 2 certification, it’s now ready to step out of stealth.
As the number of companies that have to undergo this type of audit increases, it is perhaps unsurprising that we are also seeing a growing number of companies aiming to automate much of this process. With that, unsurprisingly, the number of VC investments in this space also continues to increase. In recent months, Secureframe and Strike Graph have announced their own funding rounds, for example.