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Governance , risk management and compliance — GRC for inadequate — remains one of the most active inauguration areas in full term of VC investment funds . Accordingto Tracxn , the private marketplace data tracker , the just about 1,500 vendor selling GRC software had received $ 28.7 billion in funding as of 2021 .
It ’s no wonder there ’s such high interest . GRC help organizations better deal risk while staying in compliance with regulations — and there ’s anincreasingnumberofregulationsto headache about .
One of the latest ventures to benefit from the boom isAnecdotes , which aim to streamline GRC task through automatise workflows , plugins and app integrations . anecdote today annunciate that it raised $ 25 million in a Series B funding rhythm led by Glilot Capital Partners with participation from Vertex , DTCP , Red Dot Capital Partners , Vintage Investment Partners and Shasta Ventures .
Kuznitsov and co - founder Roi Amior met while working at cybersecurity startup IntSights before it was acquired by Rapid7 . While there , they ran into GRC - related challenges , including repetitive and time - consuming audits .
Inspired to create a better solution , Kuznitsov and Amior co - launch Anecdotes .
“ [ We need to ] reinvent the enterprise GRC as pop the question today — data - orient , automated , efficient , custom-make and meaningful for GRC and other stakeholders , ” Kuznitsov said . “ Anecdotes is redefine conformity and hazard direction by transubstantiate it from a lying-in - intensive undertaking with rocket tie in costs into information - oriented processes . ”
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anecdote ’ platform automatically collects GRC - relate “ artifacts ” ( i.e. , data and logs ) from seed , including a society ’s public clouds , on - premise data centers , individual clouds and software - as - a - Robert William Service tools . The datum gets place in a key hub where users can sound off off compliance activity ( e.g. , policy management , substance abuser access recap ) .
One comparatively new plus to the hub is AI Toolkit , which delivers a list of risks , controls and policy for deploy generative AI apps into production environment . AI Toolkit is capable author and , Kuznitsov claim , created in collaborationism with “ industry - leading ” experts .
“ The toolkit target to equip formation , specifically GRC team , with the fabric to activate the use of GenAI pecker while ensuring they ’re still compliant and annul photo to peril , ” Kuznitsov explain .
anecdote ’ competitors includeVComply , a risk and compliance management inauguration that ’s raised over $ 10 million in venture capital so far , andCypago , which aims to automatise compliance and governance for companionship . There ’s also prominent players like Certa , which landed a $ 35 million investment funds from Fin Capital , Vertex Ventures and others earlier in 2023 .
Kuznitsov assert that Anecdotes is well - positioned , though , with around 100 customers , let in Snowflake , Coinbase SoFi , Grafana and Payscale .
“ We have healthy software package - as - a - service gross border , ” he added . “ [ We ’re ] selling millions of dollars with 3x twelvemonth - over - year growing . . . anecdote shew to find product - market fit and its ability to dish up endeavor client . The next outgrowth phase requires additional capital to further speed up world-wide expansion and product instauration . ”
