AuditBoard, a company that develops cloud-based auditing software, has raised $40 million in a second round of funding led by Battery Ventures.
The company, based in Cerritos, California, said that as part of the Series B investment, Battery Ventures general partner Michael Brown will be joining its board. The company previously received $3.6 million in a Series A round last year and seed funding in 2015 from Mucker Capital and Wavemaker Partners, according to Crunchbase.
AuditBoard was founded in 2014 by a pair of former Big Four auditors, Daniel Kim from PricewaterhouseCoopers and his childhood friend Jay Lee from Ernst & Young.
“Our company was founded on a simple vision: Businesses want an easy-to-use, comprehensive and integrated tool to help them report and manage all their audit and compliance activities, and to manage risk,” Kim said in a statement. “Today, too many auditors are cobbling together different tools to do this, including old-fashioned spreadsheets, and it is hurting the quality of internal controls.”
AuditBoard plans to use the extra funding to support product development on the company’s audit, compliance, enterprise risk…