Hyperproof raises $16.5 Million Series A to expand its compliance operations and security assurance platform
BELLEVUE, Wash., Oct. 20, 2021 /PRNewswire/ -- Hyperproof, a pioneer in SaaS based Compliance and Security operations, announced today that it has closed $16.5 million in Series A financing led by Toba Capital with participation from existing investors. Toba General Partner, Rajan Aggarwal, will join Hyperproof's board of directors. The company will use the new funding to continue rapid product innovation while further accelerating market adoption across a growing set of industries and use cases.
Founded in 2018, Hyperproof has quickly become a disruptive force in the Governance Risk and Compliance (GRC) market with its unique approach to solving the most pressing challenges faced by security and compliance teams. Hyperproof's Compliance Operations SaaS delivers a highly intuitive and efficient experience by streamlining communication and workflows between team members while automating away the most difficult manual tasks such as evidence collection, dashboard creation and reporting. Hyperproof supports more than 50 compliance frameworks and allows compliance teams to efficiently mature their compliance program as their company grows. Supported frameworks include SOC 2, ISO 27000s, FedRAMP, NIST, SOX, CSA, CMMC, and many more. Hyperproof easily connects with cloud services that house compliance data including AWS, Azure, GitHub, Okta, Jamf, Jira, ZenDesk and others, enabling automated evidence gatherng and seamless collaboration between organizational stakeholders.
"GRC practitioners are forced to rely on spreadsheets to manage compliance programs or quick fix "SOC-in-a-box" automated solutions to pass the next audit. This approach fails to proactively manage risk and compliance in an automated fashion and simply does not scale with the company's growth," said Rajan Aggarwal, Partner at Toba. "Backed by a world class team, Hyperproof is disrupting this space with its integrated risk, compliance and privacy command center essential to successfully managing compliance programs of arbitrary complexity in organizations of all sizes."
Security and data privacy regulations are constantly in-flux; organizations are becoming increasingly concerned about their vendors' security posture and demanding their vendors respond to lengthy security questionnaires. More than ever, compliance professionals need tools that help them simplify their lives by staying on top of their key tasks, automating complex processes and proactively preparing for audits.
"Security and compliance teams are unsung heroes within their organizations. They struggle under ever increasing workloads and are expected to collect and inspect exponentially more data than even a year or two ago. With this round of funding, we are going to further accelerate our product innovation to bring simple, elegant and complete solutions to our customers and partners in order to take back the high ground in their fight to protect their business, customers, employees and communities," says Craig Unger, Founder and CEO at Hyperproof.
Hyperproof has been selected as the platform of choice for compliance operations by market-leading cybersecurity companies such as Sophos, ForgeRock, AppGate and Fortinet, as well as Fortune 1000 companies in highly regulated industries including 3M and Motorola Solutions. In 2021, the company is on track for 400% year over year growth, due to its superior approach to automating compliance and risk management workflows along with the company's pace of product innovation and its relentless focus on customers.
Hyperproof has a number of exciting product initiatives in the works. In the coming months, Hyperproof will empower its users to automate testing and monitoring of controls in their environment. This will not only save compliance professionals hours every month, it also provides organizations' leaders peace of mind knowing that the system automatically detects issues as soon as they occur and alerts the right people. Further, people will be able to monitor their risks in real-time. Hyperproof is also working on an ESG (Environmental Social Governance) software solution to help organizations manage their businesses more sustainably while meeting their increased burden of reporting.
Contact: Jingcong Zhao, [email protected]
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