18 months ago, my co-founders Roi, Eitan, and I decided to embark on a crazy endeavor.
Despite the raging Covid pandemic and dismal market predictions, we decided it was time to transform the Security Compliance industry.
Having all worked in cybersecurity for many years, we all deeply understood the pains associated with meeting and maintaining Security Compliance frameworks. From obtaining initial certifications and reports, to building mature and robust programs, the road to optimal Compliance posture was strewn with challenges and manual work. Compliance was seen as little more than a barrier to growth and a check-box activity, to be bypassed as quickly as possible.
With a red-hot IPO scene and nearly 350 unicorns in 2021, we understood that the time was ripe for a solution that could fix everything that was wrong with Compliance. We wanted to show companies that if they played their cards right, Compliance could become a tool for enhanced growth and increased customer trust as well as a source of deep business insights.
We knew we had our work cut out for us.
As the Security Compliance solutions market grew, it quickly began to break down into two segments; one set of tools focused on helping young companies easily pass their initial audit, primarily SOC2, and the other segment of tools focused on calendar-driven workflow automation capabilities for larger companies (incarnation of traditional GRC tools). While both have their strengths, they are also both lacking a holistic and deep data-oriented approach to Compliance. This approach would enable companies to gather their Compliance work and the correlating data into one central hub for optimal transparency and vastly reduced friction, regardless of the underlying technical complexity of the company.
At anecdotes, we have always believed that data is the differentiator: a Compliance program based on objective data is far more mature and stable than one based on screenshots and binary test results. And so, with this driving principle, over the last 18 months, we have set our focus on building the most robust, deep, data-oriented Compliance solution, capable of supporting the most complex companies in the world.
We launched Compliance OS with the goal of providing companies, from scaleups, to hyper-growth companies, to enterprises, with a Compliance solution that would become their central hub via which all Compliance activities could be addressed, instead of in siloed applications, as had been done in the past. With data automatically pulled directly from the customer’s tech stack and cloud environment, and then turned into credible and standardized data evidence, it removes dependencies on stakeholders. Then, applications correlating to nearly any Compliance process can leverage that data evidence to satisfy the need thoroughly and accurately.
Compliance OS is the answer to meeting all Compliance challenges, from tasks like risk management and customer trust enablement, to audit prep-centered tasks. With it, companies can remove the manual, burdensome activities associated with Compliance, turn it into a business driver, and build increasingly mature Compliance programs.
To this end, we are delighted to announce the closing of our Series A funding for $25M, led by Red Dot Capital Partners with participation from Vintage Investment Partners, Shasta Ventures, Glilot Capital Partners, and Aleph. Supported by an impressive roster of investors who share our vision of a profoundly reshaped Security Compliance ecosystem, they also all deeply understand the complexities that accompany growth.
We are super excited to see where this round and the upcoming year takes us; Our team is set to double in size, from 60 employees to over 120 and we’ll see the opening of new offices in the US. We will also continue to grow our strategic partnership program to include some major names in the Compliance and auditing ecosystems to continue reshaping the way Compliance is done. We will also be releasing new applications for the OS that will address additional needs of Compliance leaders.
And all this is only the beginning; if you’re excited about the idea of transforming Compliance from a burden into a data-driven business process and building greater trust and transparency with your customers and partners, stick around – we’ve got lots more in store.