KintentThe startup, which provides business compliance and security solutions, announced today that it has raised $ 18 million for the $ 64 million SeriesV-led OpenView partnership with Tola Capital. It brings in a total of $ 22 million for the company, which founder and CEO Sravish Sridhar said will be invested in sales and product staffing, product expansion and support for new compliance standards.
Compliance, which addresses issues such as legal reporting and business protection, it was not an easy upgrade before the disaster. Organizations lose an average of $ 4 million in revenue due to one incident that they did not comply with sida GlobalScape. But the disaster has come with additional challenges as companies have embraced digital technology. Seventy percent of organizations responding to the Thomson Reuters report for 2021 say the disaster has increased software dependence to improve decision-making, performance monitoring and risk management.
“There is no confidence [in the compliance industry]. Why? Because no one believes what the sellers tell them. “Compliance is a shame,” Sridhar told TechCrunch in an email interview. The chief information security officers (CISOs) need a programmatic approach to truly evaluate and obtain vendor security compliance information. “
Sridhar, unsurprisingly, sees Kintent as such. He started the company in 2019 after founding IT consulting firm Seven Numerals and “backend-as-aa-service” at the start of Kinvey, which earned $ 49 million in 2017 Development.
Compliance software is a tight spot, a fact Sridhar knows very well. Vanta, Drata, Anecdotes, Secureframe and Osano are some of the vendors offering products that promise to facilitate different compliance methods. Polaris Market Research predict that business management, risk and software market compliance will be worth $ 96.98 billion by 2028.
But Sridhar said Kintent’s introduction was prompted by a desire to come up with more sustainable solutions than those already on the market.
“I started Kintent because eThe best software-as-a-service company must prove that they have solid security and compliance program to succeed in business deals. This is done by obtaining formal compliance certifications or certification standards such as SOC 2, ISO 27001, HIPAA, etc., and answering boring and long-term security questions that the seller receives as part of the sales process anyway, “he said.”Most companies do at least a little bit … Every sales team tries to keep a balance. [sic] through the process of security questions by providing answers that reflect what they are think about it the customer wants to see… We have to change how we have to change check-the-box compliance and change the credibility. To do this, we need a future where vendors and customers… truly share security data and compliance with each other.
Kintent does it in these directions automatically. One of the company’s products, TrustShare, shares private data and customer security information using a direct, automated channel. Another, TrustOps, is designed to improve compliance with compliance structures including the California Consumer Protection Act and the General Data Protection Act.
Kintent has also developed an AI engine, Answer, to read security questions and generate “true” answers. They are trained in security questions for “companies around the world,” according to Sridhar, Respond produces responses from company security and compliance program.
“The biggest problem companies face with any form of sales is that they have to manually answer long-term security questions before winning an agreement. Each questionnaire ranges from 200 to 300 questions, and companies receive five to ten questions a month, ”Sridhar said. “Sales and security teams feel like hitting the wall when they have security questions.”
Can automation like these help companies achieve compliance? It can’t happen – but it can’t hurt. Gartner recently exploration showed that compliance groups that do not control their employee processes face a very high level of compliance failure. Thirty-two percent of staff interviewed said they could not access related information when they missed compliance obligations, while an additional 20% did not recognize even the required information.
However, automatic automation proved to be a successful business strategy for Kintent, which grew its recurring annual revenue to $ 1 million in 12 months. The company’s customer base currently includes more than 80 organizations, including Evisort, Jeeves, Synk, Notarize and DataRobot. The plan is to increase Kintent staff from 25 to 50 to 60 by the end of the year.
“CISOs for businesses use Kintent to transform their security and compliance program from a cost center to a trusted hub and revenue generator for businesses,” Sridhar said. “Kintent enables transparent, predictable trust – where business confidence is programmed to ensure at all times.”