Drata achieves unicorn status following $100m Series B

Security and compliance automation company Drata has hit unicorn status after securing $100 million in a Series B funding round.

The start-up was founded in July 2020

The Software-as-a-Service (SaaS) start-up says the new cash injection makes the company “one of the fastest ever” to achieve a $1 billion valuation.

The round was led by ICONIQ Growth and saw participation from Alkeon Capital and Salesforce Ventures.

Existing investors GGV Capital, Cowboy Ventures and Leaders Fund also participated.

Drata allows companies to manage SOC 2, ISO 27001 and HIPAA compliance through automated control monitoring and evidence collection.

Founded in July 2020, the company claims revenue growth of 69% month-over-month since January.

Drata says its growth has been driven by cloud-based companies looking to boost their security and compliance efforts, stating “adherence to compliance frameworks, such as SOC 2 and ISO 27001, has increasingly become necessary to do business”.

Alongside the new funding, Drata intends to launch two additional frameworks, HIPAA and PCI DSS, and triple its workforce within the next year.