Lawmakers and regulators have pushed to ensure tech companies are taking better care of their users’ data. This has given rise to laws like California’s CCPA and the European Union’s GDPR. This is good news for your average person who doesn’t want their data taken without their consent or ending up on the dark corners of the internet, but it does create more work for tech companies to ensure they are complying with these laws.
Seattle startup Strike Graph spun out of Madrona Venture Labs in 2020 to help companies adhere to these standards. On Tuesday, the company announced that it secured $8 million in a Series A funding round led by Information Venture Partners. So far, the company has raised $11.9 million in funding.
Strike Graph has created software that allows companies to automate their compliance practices in order to pass cybersecurity audits, and keep data safe on their platform. Ensuring that your company can reliably pass these security audits can create hours of additional labor, and often slow down a company’s growth. This software already supports multiple standards, including SOC 2, ISO 2700x, CCPA, HIPAA and GDPR.
“The ability to navigate and manage the myriad of compliance standards is now table stakes if you have sensitive customer or personal data, no matter how big or small a company. This is evident across our portfolio of software companies that sell to financial services and other large organizations. We’re impressed by how deeply Strike Graph invests in the success of its many customers, as its modern and flexible solution helps customers of all sizes quickly establish compliance programs and achieve security certifications,” Alex Tong of investor Information Venture Partners said in a statement.
Strike Graph has seen 4x growth in customer adoption since it raised its seed funding round last year. This new funding will allow it to grow even more. The company says it plans to put the new funds toward supporting new compliance standards like FEDRAMP and NIST. It also plans to expand its operations into Canada, which is where lead investor Information Venture Partners is based out of.
On top of that, the company is looking use the new capital to grow its team. It plans to hire for engineering, marketing and product roles, with a handful of active job listings currently posted on its website.
“We’re outfitting our solution with access to hundreds of integrations that can be customized to your unique business needs, making it easier and faster to achieve compliance while improving your overall security posture and amplifying growth. The thoughtful expertise and dedicated support from Information Venture Partners as long term investors will expose us to a new set of business opportunities,” Strike Graph CEO and co-founder Justin Beals said in a statement.
