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…
