Hyperproof will use the funding to support product R&D. Here are the top-line bullets you need to know.
Hyperproof, an enterprise governance, compliance, and risk management technology provider, has raised $16.5M in a Series A. The investor in this round was Toba Capital.
HOW’S THE COMPANY PERFORMING?
- Seattle-based Hyperproof provides compliance solutions for continuous risk management across key industries, such as security tech, enterprise software, fintech, healthcare tech, and data communications.
- 3M and Motorola Solutions are included among Hyperproof’s clients — as are leading cybersecurity companies like Sophos, ForgeRock, and AppGate.
- The platform’s users have access to collaboration tools, workflows, and integrations with cloud applications like AWS, Microsoft Azure, and Google Cloud Platform — all of which enable them to create dashboards and collect evidence. Hyperproof’s platform supports over 50 frameworks, such as FedRAMP.
- The company’s business is expected to grow 400% year-over-year in 2021.
- Employee headcount stands at 51.
WHY DOES THE MARKET MATTER?
- The global enterprise governance, risk & compliance (EGRC) market is expected to grow at a CAGR of 10.9% and reach a value of $60.7B by 2026, according to Markets and Markets.
- The market’s growth is likely to be spurred by the institution of more stringent compliance regulations and the rising frequency of data and security breaches.
- The increasing integration of AI and blockchain technologies with EGRC solutions is expected to contribute to market growth as well.