Hyperproof wants to help companies stay compliant in a hyper-connected world.
On Wednesday, the Bellevue compliance startup announced that it raised $16.5 million in a Series A round led by Toba Capital. This follows the company’s $3 million funding round from March of 2020.
More and more regulations have been passed as legislators and government organizations catch up to the rapidly evolving tech industry. These regulations are important and often intended to protect consumers from harm, but they can be a tricky thing for companies to navigate. And if companies get something wrong they can face legal repercussions.
Hyperproof has built a platform to help companies monitor and manage their compliance procedures. The platform specifically helps companies comply with security and data privacy regulations, in order to ensure that customer data doesn’t fall into the wrong hands. Hyperproof supports over 50 compliance frameworks, and helps companies automate tedious manual tasks like evidence collection, dashboard creation and reporting. The platform also easily integrates with cloud services like AWS, Azure, GitHub, Okta, Jamf, Jira and ZenDesk in order to easily manage information where data is often stored.
“Security and compliance teams are unsung heroes within their organizations. They struggle under ever increasing workloads and are expected to collect and inspect exponentially more data than even a year or two ago,” Hyperproof CEO and founder Craig Unger said in a statement. “With this round of funding, we are going to further accelerate our product innovation to bring simple, elegant and complete solutions to our customers and partners in order to take back the high ground in their fight to protect their business, customers, employees and communities.”
Hyperproof’s platform is used by 3M, Motorola Solutions, AppGate, Fortinet and several Fortune 1000 companies to stay on top of ever-evolving regulations. 2021 was an especially successful year for Hyperproof, with the company projecting 400 percent year-over-year growth.
This growth, as well as the new funding, will help Hyperproof kick off a variety of new initiatives. The company plans to invest the new funding into product innovations and accelerating market adoption across new industries.
One of the products that Hyperproof has in the works is a new ESG solution that helps companies manage and report their ESG practices. ESG — which stands for environmental, social and governance — is a framework that helps companies show how environmentally friendly they are, how socially responsible they are and if their company is structured fairly. Many companies are starting to prioritize ESG initiatives as consumers pay closer attention to how companies are behaving internally and in relation to the world around them. By expanding into ESG, Hyperproof is showing how its SaaS solutions can prove helpful beyond just data and security compliance.
According to its website, the company is currently hiring for about 11 open roles in engineering, product, customer success and more. Hyperproof was founded in 2018.
