security news
Jay Fitzgerald
“We have grown from a few hundred customers to well over 2,000 in the last 12 months,” CEO Adam Markowitz tells CRN.
Drata, a compliance and security automation provider, has raised another $200 million, bringing its total funding to more than $300 million since its inception just two years ago.
The San Diego-based startup is currently valued at $2 billion after a new Series C funding round, and plans to use most of that money for R&D purposes.
But Drata also sees potentially significant growth over the next few years, from the current 15% of revenue generated via its channel to higher levels of undisclosed revenue, according to the company’s relationship. A person told CRN.
Drata co-founder and CEO Adam Markowitz said that the Drata philosophy is to continuously improve various compliance and security products to make them more attractive to both customers and partners, thereby increasing sales. I said that it is.
“In the last 12 months, we’ve grown from a few hundred customers to well over 2,000,” Markowitz told CRN. “There is a growing demand for what we do and the problems we are trying to solve.”
He said the global Governance, Risk and Compliance (GRC) market is expected to reach $15 billion over the next three years and Drata intends to grow with its partners.
Without disclosing sales figures, Markowitz said Dorata is currently on a “super-growth trajectory.”
“We hope to continue [growth] The pace – we have to accelerate with this latest funding round,” said Markowitz, noting that Drata’s workforce has grown from 70 to 300 employees in the last year alone.
Kevin Kriebel, vice president of partnerships at Drata, said the company’s current partner team consists of about eight employees and handles about 100 partners. In an interview with CRN, he indicated that those numbers could grow quickly.
The key is to continuously develop and enhance products that benefit both customers and partners. “This creates a whole new set of opportunities. [partners] We go to the market together,” he said.
Drata certainly has its share of famous followers among investors
The latest $200 million Series C round was led by ICONIQ Growth and GGV Capital, with participation from other participants including Salesforce Venture and S Ventures. [SentinelOne].
“Strategic individuals” who also participated in the latest round include LinkedIn’s former CEO and current chairman, Jeff Weiner. Snowflake Chairman and CEO Frank Slootman. Her CEO and Chairman of PagerDuty, Jennifer Tejada, said:
Microsoft CEO and Executive Chair Satya Nadella was an investor in Drata’s $100 million Series B round in 2021.
The impressive funding round comes at a time when funding for start-ups is all but dried up given the uncertain economy.
In a press release, Will Griffith, founding partner of ICONIQ Growth, praised Drata’s leadership and product development.
“The Drata team continues to set the bar even higher with our innovative platform and customer-centric approach,” said Griffith.
“The speed of the company’s operations continues to overwhelm us. We look forward to supporting Drata’s future growth as it solidifies its leadership position in the compliance and security automation industry.” ”
Jay Fitzgerald
