Cybersecurity compliance startup Vanta raises $50M

Cybersecurity compliance startup Vanta raises $50M

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Vanta, a San Francisco, California-based automated security and compliance platform, today announced it has closed a $50 million funding round led by Sequoia Capital. The startup says it will use the capital to meet customer demand, as well as launching new products and opening a second office in New York.

In a 2017 Deloitte survey, only 42% of respondents considered their institutions to be “extremely” or “very” effective at managing cybersecurity risk. The pandemic has certainly done nothing to alleviate these concerns. Despite increased IT security investments companies made in 2020 to deal with distributed IT and work-from-home challenges, nearly 80% of senior IT workers and IT security leaders believe their organizations lack sufficient defenses against cyberattacks, according to IDG.

Vanta, which was founded in 2017, allows companies to prepare for SOC 2 audits, with an automated monitoring platform that connects to services, including Google Cloud Platform, Amazon Web Services, GitHub, Okta, and Slack. Developed by the American Institute of Certified Public Accountants, SOC 2 is designed to assess the security of service providers storing customer data in the cloud.

While conventional compliance prep methods can be laborious and error–prone, Vanta claims to help startups ..