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Drata Reaches Unicorn Status with $100 Million in Series B Funding

Drata, a next-gen 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 ever to achieve a $1 billion valuation. Existing investors GGV Capital, Cowboy Ventures, and Leaders Fund also participated in this round.

“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. “We are inspired by companies that truly have the power to drive change, and we believe Drata’s automation-led platform has the power to do that through its unique strategic value combined with deep customer love and ability to execute.”

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Since its public launch in January 2021, Drata has achieved exceptional company milestones, including:

  • Securing its first 100 customers in 45 days, now on track to reach thousands in 2022
  • Growing revenue 69% month-over-month since January
  • Building a team of 70 full-time employees, with plans to triple in size in the next year
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Now, in tandem with the new funding, Drata prepares to launch two additional frameworks, HIPAA and PCI DSS, expanding on its current offering of ISO 27001 and SOC 2. The company will continue to innovate with new features that further streamline compliance and monitor security posture for companies operating in the cloud.

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“This latest round of funding is still only the beginning, and with it we’re confident in our ability to accelerate Drata’s growth and leadership position in the market,” said Drata CEO and Co-Founder Adam Markowitz. “Trust is at the core of what we do, and we’re deeply grateful for our trusted customers, investors, and partners who are helping Drata continue to push the bar in delivering its world-class product experience. We look forward to what’s ahead as we rapidly grow our team and expand product offerings.”

This unprecedented growth is driven by demand for its best-in-class product coupled with the growing importance of security, compliance, and trust among cloud-based companies. Adherence to compliance frameworks, such as SOC 2 and ISO 27001, has increasingly become necessary to do business, but can be resource-intensive to achieve. Drata champions an automation-led approach to help companies of all sizes build and maintain their compliance program and continuously monitor their security posture. Trusted by hundreds of companies, including Notion, FullStory, Amplitude, and Abnormal Security, Drata streamlines the compliance journey with embedded personnel onboarding, policy templates, vendor management, risk assessment, over 50 third-party application integrations, and more.

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[To share your insights with us, please write to sghosh@martechseries.com]

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