ByteChek Raises Oversubscribed $3M Seed Round to Make Compliance Suck Less
The ByteChek Platform is an all-in-one compliance automation solution that eliminates hours of wasted time
ByteChek, a Miami-based cybersecurity compliance startup, raised a significantly oversubscribed $3M in seed funding with plans to announce enhancement to their exclusive all-in-one compliance automation solution for Service Organization Control (SOC 2), HIPAA, and International Organization for Standardization (ISO) 27001 compliance assessments.
Authentic Ventures led the seed round, with participation from Concrete Rose Capital, Level Up Ventures (Hearst), Black Venture Capital Consortium, Miami Angels, Black Angels Miami, as well as notable angel investors including Nick Caldwell, Kimberly Marshall, Tom Stocky, Omri Dahan, Chris Singleton, Malcolm Robinson, Corey Quinn, Greg Waldorf, DeVaris Brown, Ted Lucas, Frank Kim, Charmel Maynard and Bonfire Ventures Scout, Mandy Howard. Authentic Ventures Managing Partner Lindsay Lee also joined ByteChek’s board of directors.
This funding round enables ByteChek to double the size of its current team, with a focus on hiring engineer leaders and product professionals. The company will also expand automated features for cybersecurity frameworks, including enhancing its all-in-one SOC 2 offering, improving HIPAA and ISO 27001 software solutions.
“Over the years, we’ve seen an increasing demand for automated solutions to solve compliance problems,” said AJ Yawn, ByteChek CEO and Founder. “We’re going to continue to lead the charge to simplify compliance and bring a solution to the market that doesn’t involve multiple providers and complex processes. ByteChek’s automated platform is ushering a new era of compliance automation.”
The startup, launched in November 2020, has eight employees and reports increasing its customer base by over 40% in the last two months. The global electronic Governance, Risk, and Compliance (eGRC) Market is estimated to be $36.4B in 2021 and is expected to reach $73.79B by 2027, growing at a compound annual growth rate of 12.5%.