Apart from GGV Capital and ICONIQ Growth, the round included participation from Salesforce Ventures, Cowboy Ventures, Silicon Valley CISO Investments, FOG Ventures and S Ventures alongside several angel investors. According to fintech.global, Drata reached a valuation of USD 1 billion in 2021 following a Series B round that yielded USD 100 million. According to the same source, this most recent funding round has brought the company’s valuation to USD 2 billion.
Following the Series B funding round, Drata has expanded into more than 14 compliance frameworks, standards, and regulations such as NIST SP, 800-53, CPPA and GDPR. According to Drata, the Series C funds will be invested into research and development as the company further expands its enterprise-grade, automation-first solution. Earlier in 2022, Drata launched its dynamic Trust Center that allows clients to proactively display the health of their compliance programs. It also launched a risk management offering that can monitor, identify, assess, and treat risks.
Drata officials cited by fintech.global emphasised the company’s goal to bridge the gap between compliance and trust through automation. They also outlined the next phase of growth, which aims to introduce a new wave of open compliance and become a layer of trust between their customers and those they do business with.
In November 2022, Drata has joined the Amazon Web Services (AWS) Independent Software Vendors (ISV) Accelerate Program, a co-sell program for AWS Partners that provide software solutions that run on or integrate with AWS. The program helps AWS Partners drive new business by directly connecting participating ISVs with the AWS Sales organization.
Through this programme, Drata and AWS will work together to help customers streamline their ability to automate and monitor their security stance in the context of risk and compliance. As part of the programme, Drata received co-sell support in order to meet customer needs by working with AWS field sellers globally.
According to prnewswire.com, Drata also passed the AWS Foundational Technical Review (FTR), which allows entities to identify and fix risks in their software or solutions. FTR is a self-service review that can be deployed at any stage of a company’s cloud journey. It is valid for two years from the date of approval and can be conducted at no cost.
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