Vanta announced that it has closed $50 million in Series A
funding. The new funding round was led by Sequoia Capital, along with
participation from existing investor Y Combinator. Sequoia General Partner
Andrew Reed will join Vanta's board of directors. The company will use the new
funding to meet customer demand, launch new products, and open a second office
in New York.
Obtaining SOC 2 compliance-an industry security and data
protection auditing procedure-can take a company many months of repetitive
work. Vanta allows companies to prepare for SOC 2 audits in a matter of days,
with an automated continuous monitoring platform that connects to services
including Google Cloud Platform, Amazon Web Services, GitHub, Okta, and Slack.
Conventional methods of preparing for a compliance audit are manual, laborious,
and error-prone. Vanta helps startups become secure and prove their security to
customers, leveling the internet's playing field and allowing startups to
compete with larger companies on their merits.
"We're at a crucial turning point as an industry: software
is a huge part of our lives, but we trust software companies less than ever
before," said Christina Cacioppo, Vanta's CEO. "At Vanta, we're pioneering a
continuous, automated approach to security and compliance that protects
customer data and helps grow these businesses."
Vanta has seen tremendous growth since coming to market in
2018. In two and a half years, the company has surpassed $10 million in annual
recurring revenue through word-of-mouth growth and continues to double its
customer base every six months, all without an official launch.
"We're thrilled to partner with Christina and Vanta.
Many Sequoia-backed companies already work with Vanta to prove their security
and accelerate their growth, with great results. We've heard clear praise for
Vanta's product and team," said Andrew Reed, Partner at Sequoia.
"Vanta has uncommon product-market fit and is building a category-defining
business. We're excited to partner with Vanta to accelerate its adoption with
global software companies and its hiring of top talent across every
function."
As the SaaS market expanded to more than $150 billion in
2020, the risks and costs associated with security breaches have similarly
expanded. In 2020, in the United States alone, more than 150 million people
were affected by data breaches. Nearly 1,000 market-leading companies,
including Clubhouse, Lattice,
Calm, Loom, Notion,
and UserTesting, trust Vanta to power their security and compliance.
"While the end result of the SOC 2 process is a more secure
organization, there is a huge amount of unnecessary pain and busy work involved
in the accreditation and renewal process." said Jack Altman, CEO of Lattice.
"Vanta is simplifying that massively for teams."
As part of Vanta's mission to secure the internet and
protect consumer data, the company announced two new compliance certifications
available in invite-only beta today:
- HIPAA - Any U.S.-based internet business that
handles personal health information (PHI) must safeguard patient data per the
Health Insurance Portability and Accountability Act (HIPAA). Vanta provides an
array of security monitoring tools that prove compliance with HIPAA.
- ISO 27001 - ISO 27001 is a common data safety
and information security certification for businesses with global customers.
For internationally-focused businesses, Vanta supplies a comprehensive suite of
security and privacy tools that secure the business and prove compliance with
ISO 27001.
The company plans to nearly double headcount to 100 full
time employees by the end of the year. For a list of open positions visit https://www.vanta.com/jobs.