Drata's Valuation Rises to $2 Billion with $200 Million Series C Funding

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Dec 07, 2022, 09:15 ET

Increasing global demands for effortless compliance drive rapid growth for the compliance automation platform

SAN DIEGO, Dec. 7, 2022 /PRNewswire/ -- Drata, a continuous security and compliance automation platform, today announced $200 million in Series C funding co-led by ICONIQ Growth and GGV Capital. The latest round of funding doubles Drata's valuation to $2 billion since its Series B in November 2021, as the company progresses toward its mission of making compliance effortless and accessible for companies of all sizes.

"The Drata team continues to set the bar higher with its innovative platform and customer-centric approach," said Will Griffith, Founding Partner at ICONIQ Growth. "The speed with which the company operates continues to blow us away. We're looking forward to supporting Drata's future growth as they cement their leadership position in the compliance and security automation industry."

Alkeon Capital also made a significant investment in this round. Additional investors in the round include Salesforce Ventures, Cowboy Ventures, S Ventures (SentinelOne), Silicon Valley CISO Investments (SVCI), and FOG Ventures (Operators Guild). Strategic individuals participated in the round including Jeff Weiner (LinkedIn), Frank Slootman (Snowflake), Jennifer Tejada (PagerDuty), Amit Agarwal (Datadog), Olivier Pomel (Datadog), and Jonathan Rubinstein (Amazon), joining Satya Nadella (Microsoft), who invested in Drata's $100 million Series B round.

Following its momentous Series B last year, Drata has broadened into an industry-leading security compliance platform, expanding to more than 14 compliance frameworks, standards, and regulations such as GDPR, NIST SP 800-53, and CCPA, among many others. Earlier this year, Drata launched its dynamic Trust Center, enabling customers to proactively display the health of their compliance programs, as well as its Risk Management offering to continuously monitor, identify, assess, and treat risks. In addition to launching support for multiple languages, Drata also deepened its integrations with more than 75 applications and systems to provide full visibility into an organization's security posture. Evolving into an integral part of an organization's security stack, the company has more than 2,000 customers, including Fivetran and Lemonade, to streamline continuous compliance and turn trust into a competitive advantage.

"Since our inception, Drata has been designed to bridge the gap between compliance and trust through automation, and we've made significant progress in less than two years," said Adam Markowitz, Drata Co-Founder and CEO. "This next phase of growth will only further accelerate those efforts, introduce a new wave of open compliance, and help us realize our vision of being the trust layer between our incredible customers and those they do business with."

With the global GRC market projected to reach $15 billion in the next three years, Drata will use the funds to continue heavily investing in research and development (R&D) as the company further builds its enterprise grade, automation first, solution. At the same time, Drata remains committed to investing in features for startups and auditors alike to provide streamlined paths to compliance without sacrificing quality and integrity.

"Since leading Drata's Series A, we've been doubling down in every round. We've seen the team commit to both remarkable speed and impeccable execution on its way to becoming the first choice platform for fully automated GRC and trust," said Oren Yunger, Partner at GGV Capital.

For more information on Drata's Series C funding, please visit: drata.com/blog/announcing-series-c.

About Drata

Drata is the world's most advanced security and compliance automation platform with the mission to make compliance effortless and accessible. With Drata, thousands of companies streamline over 14 compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. The company is backed by ICONIQ Growth, Alkeon Capital, Salesforce Ventures, GGV Capital, Cowboy Ventures, S Ventures, Leaders Fund, Okta Ventures, SVCI, SV Angel, and many key industry leaders. For more information, visit drata.com.

About ICONIQ Growth

ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem help amplify our portfolio companies' success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. Elevated by our global community of founders, pioneers, and leaders, we are entrepreneurs backing entrepreneurs. For more information, please visit ICONIQGrowth.com.

About GGV Capital

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Grab, HashiCorp, Hello, Keep, Kujiale, Manbang, Opendoor Technologies, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, XPeng, Zendesk, and more. More information can be found at ggvc.com and @ggvcapital.

Media Contact
Sophia Hatef
Drata
[email protected]

SOURCE Drata Inc.