By Will Griffith, Ben Bernstein, Murali Joshi, Richa Mehta and Rishab Bhandari | November 8, 2021
Drata: Put Compliance and Security on Autopilot
We are thrilled to partner with Adam, Troy, Daniel and the entire Drata team to help enterprises tighten their security posture through Drata’s cloud automation platform that brings simplicity, efficiency and control back to companies. We could not be more excited to help Drata drive increased security compliance and transparency in today’s increasingly complex and distributed infrastructure environments.
We are enamored and deeply impressed with the team’s vision, focus, and execution compared to others we’ve seen in the market. After experiencing the cumbersome process to achieve and maintain SOC 2 certification at Portfolium (Instructure), Adam Markowitz, Daniel Marashlian and Troy Markowitz were motivated to tackle the compliance problem head-on. Leveraging several years of experience building companies together, we believe this team rows together at an unparalleled pace, exhibiting outstanding execution. Their bold vision was to put compliance and security on autopilot. What they brought is Drata – a company we believe is the category-leading pioneer focused on revolutionizing compliance automation. ICONIQ Growth is thrilled to partner with Drata to lead their $100 million Series B financing as they continue their relentless efforts to transform how all businesses—from small teams to public companies—manage compliance and security.
As we spend more of our lives online, threats to security and privacy will only accelerate. To help manage these risks, businesses are increasingly strengthening their security postures by requiring that their vendors, partners, and customers adhere to security compliance frameworks like SOC 2, ISO 27001, HIPAA, PCI DSS and more. In our conversations with leaders at a variety of businesses, we commonly hear terms like “tedious” and “never-ending” to describe these debilitatingly archaic approaches to protect against bad actors.
In recent years, compliance automation has seen explosive growth. The number of companies achieving SOC 2 compliance has increased considerably over the past twelve months, in particular. Globally, businesses across sectors have quickly realized that these certifications can dramatically reduce sales cycles and help build deep trust with customers and partners. We believe Drata earned its position as the leading platform to help enable long-term business success, starting with automating compliance security and offering complete visibility for modern information security, IT and compliance teams.
Drata’s category-defining platform integrates with key business systems to automate evidence collection and enable powerful continual monitoring of security policies. With its simple user interface, Drata customers can build workflows, control data, manage policies, generate actionable insights, and more. The company’s bold innovation engine outpaces anything we have seen in this market. Since its initial launch in January 2020, Drata has already released, in our opinion, two category-defining products for SOC 2 and ISO 27001 and is on track with imminent new frameworks for HIPAA and PCI DSS to disrupt how organizations manage healthcare and payment data compliance.
Frankly, it’s been astounding to watch the Drata team’s laser focus and execution on mastering automated compliance to build a product we believe is groundbreaking. When we met Adam, Daniel and Troy over the past several months, it became abundantly clear to us that the core of the company is customer centricity. We loved their maniacal focus on product and customer. The founders and employees share an unwavering dedication to creating a comprehensive yet streamlined experience for its fast-growing customer base. Every member of the Drata team who we’ve met with embodies the company’s core values of trust, diversity, integrity, unbridled innovation, and drive. We feel fortunate to partner with them as they continue to realize their singular vision. Their passion, competitive fire, and humility is infectious.
Drata is an exciting addition to the many other infrastructure and security companies in the ICONIQ Growth portfolio, all of whom we believe share the same maniacal focus on building best-in-class technology. We are excited to be a part of Drata’s journey — alongside our friends at GGV, Cowboy Ventures, Salesforce Ventures, Alkeon Capital, Leaders Fund and others — as they build the future of security and compliance automation. We are ecstatic to partner with Adam, Daniel, Troy and the entire Drata team to continue transforming compliance and security for businesses around the globe.
Read more from the company’s press release and announcement: www.drata.com/series-b