In the dynamic landscape of anecdotes secures $25M funding for Governance, Risk Management, and Compliance (GRC), a thriving sector for venture capital investments, recent data from Tracxn reveals that the approximately 1,500 GRC software vendors secured an impressive $28.7 billion in Funding by the end of 2021.
The burgeoning interest in GRC is understandable, given its pivotal role in assisting organizations to efficiently navigate risks and maintain compliance with a rapidly growing array of regulations. Anecdotes, a pioneering venture in this domain, has capitalized on this trend by introducing streamlined GRC processes through automated workflows, plugins, and app integrations. The company has just announced the successful completion of a $25 million Series B funding round, led by Glilot Capital Partners, and featuring participation from prominent investors such as Vertex, DTCP, Red Dot Capital Partners, Vintage Investment Partners, and Shasta Ventures.
With this latest funding, Anecdotes‘ total capital raised now stands at an impressive $55 million. Described as “oversubscribed,” this tranche will be dedicated to expanding into new markets and doubling the current 60-person team over the next 12 to 24 months, as revealed by Yair Kuznitsov, the co-founder and CEO of Anecdotes.
The genesis of Anecdotes lies in the experiences of its co-founders, Yair Kuznitsov and Roi Amior, who encountered GRC challenges while working at the cybersecurity startup IntSights. Faced with repetitive and time-consuming audits, they set out to create a more efficient solution, leading to the establishment of Anecdotes.
According to Kuznitsov, the mission of Anecdotes is to redefine enterprise GRC by making it data-oriented, automated, efficient, customizable, and meaningful for GRC and other stakeholders. By transforming compliance and risk management from labor-intensive tasks with soaring associated costs into streamlined data-oriented processes, Anecdotes aims to revolutionize the industry.
The Anecdotes platform automatically gathers GRC-related “artifacts” (i.e., data and logs) from diverse sources such as public clouds, on-premise data centers, private clouds, and software-as-a-service tools. These data are consolidated in a central hub, allowing users to initiate compliance activities like policy management and user access reviews.
A noteworthy addition to the platform is the AI Toolkit, which furnishes a comprehensive list of risks, controls, and policies for deploying generative AI apps into production environments. Kuznitsov emphasizes that this toolkit, developed in collaboration with industry-leading experts, is open source and designed to empower organizations, particularly GRC teams, to harness GenAI tools while ensuring compliance and mitigating risks.
In a competitive landscape with players like VComply and Cypago, Anecdotes believes it is well-positioned, boasting around 100 customers, including notable names such as Snowflake, Coinbase, SoFi, Grafana, and Payscale. Kuznitsov underscores the company’s robust performance, citing healthy software-as-a-service gross margins, millions of dollars in sales, and a 3x year-over-year growth rate. He concludes that Anecdotes is poised for the next phase of growth, requiring additional capital to fuel global expansion and drive ongoing product innovation.
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