Drata Raises $3.2 Million and Launches Platform to Automate SOC 2 Compliance
Drata, a next-gen compliance and security automation company, came out of stealth today and announced $3.2M in seed funding led by Cowboy Ventures and participation from Leaders Fund, and SV Angel. The round also includes several strategic angel investors. Drata helps companies streamline their SOC 2 compliance through continuous, automated control monitoring and evidence collection, resulting in lower costs and time spent preparing for annual audits.
“Drata is a team of seasoned entrepreneurs and engineers who have a successful track record and have worked together for more than 10 years. The platform they developed truly delivers on the promise of automation to reduce the burden of SOC 2 compliance and sets companies up for continuous monitoring which is coming in the future,” said Ted Wang, Partner at Cowboy Ventures. “We are excited to be working with this team.”
Traditional methods of standing up a security program and preparing for a compliance audit are manual, time-consuming, and error-prone. Most companies today are in need of a compliance automation platform that can get them audit-ready quickly and continuously prove to their customers and vendors that they handle data with the utmost care.
Early customers, such as Spot by NetApp, Accel Robotics, Abnormal Security, and Chameleon have entrusted Drata to do just that, while dramatically reducing the time and costs required to obtain and maintain SOC2 compliance.
“Other solutions handled only small pieces of SOC 2, leaving us to spend hundreds of hours a year manually maintaining our compliance posture,” said Amiram Shachar, VP & GM, Spot by NetApp. “Drata’s solution automates so much of the process, from continuous control monitoring and evidence collection, to personnel onboarding and asset tracking. This has freed up our operations and engineering time to focus on product development and other priorities that affect our bottom line.”