Drata raises $200M for compliance platform

Compliance solution vendor Drata announced that it has raised $200 million in a Series C funding round, which increases its total valuation to $2 billion, according to VentureBeat. Drata provides a compliance and security automation platform that integrates with AWS, Azure, Okta and Github along with more than 70 other services and applications and enables teams to optimize their compliance workflows, assesses their companies security controls and cross-map those controls with a variety of compliance frameworks, including the General Data Protection Regulation and the Payment Card Industry Data Security Standard. Drata seeks to accommodate enterprises increasing demand for governance, risk and compliance solutions, which IDC estimates would grow to become a $15.2 billion industry in 2025 due to growing data threats and an accompanying focus on regulations compliance. At a time when data threats and regulation enforcement is on the rise, companies need to show tangible proof of their security standards through compliance to build and maintain trust with their customers and stakeholders, according to co-founder and CEO Adam Markowitz.