First of all, cybersecurity is becoming a “must have” for businesses and governments.
Drata soc series iconiq growth 1bsawersventurebeat drivers#
There are some powerful drivers for the compliance and security automation market. “Our funding not only validates our execution to date, but also represents our continued efforts to expand our product capabilities and help us navigate this next stage of growth.” GRC Market Defies Downturn “And for Drata, fundraising has always been viewed as a tactic rather than a goal or outcome,” said Markowitz. Among the company’s investors have been tech luminaries such as Frank Slootman, CEO of Snowflake Computing, and Microsoft CEO Satya Nadella. In early December, Drata announced its Series C funding for $200 million, led by ICONIQ Growth and GGV Capital.
There are currently more than 2,000 customers. This is all done with continuous control monitoring and evidence collection. The vision was to automate security and compliance across 14 frameworks, including SOC 2, ISO 27001, HIPAA and GDPR. When Markowitz departed Portfolium after selling the company to Instructure, he teamed up with Daniel Marashalin and Troy Markowitz to launch Drata in the summer of 2020. It was also a drag on the sales cycle, and then there was the need for maintaining compliance.
The process for creating the report was time-consuming, manual and costly. “I remember the first time we were asked for a SOC 2 report, which quickly became the minimum bar requirement in our industry for proof of an effective security program,” he said. In 2013, Adam Markowitz founded Portfolium, an edtech startup that matched college students and graduates with employers.
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