Topics
late
AI
Amazon
Image Credits:Drata
Apps
Biotech & Health
Climate
Image Credits:Drata
Cloud Computing
mercantilism
Crypto
Enterprise
EVs
Fintech
Fundraising
Gadgets
back
Government & Policy
ironware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
surety
Social
Space
inauguration
TikTok
conveyance
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
get hold of Us
Drata , a security compliance automation program that facilitate companies stick by to frameworks such asSOC 2andGDPR , has laid off 9 % of its workforce , total to 40 the great unwashed .
found in 2020 , Drataintegrates withdozens of clouds , SaaS apps , developer prick , security measure systems , and more , helping businesses collate the necessary grounds to prove that their data privacy and security drill are in order .
While layoffs have continued to plague the tech industryin 2024 , Dratareportedsome telling growth metric just seven months back . For its fiscal year 2024 ( FY24 ) , the San Diego - base company take 100 % tax income growth year - on - twelvemonth , said that it was adding “ 650 new client each quartern , ” and made a twine of aged administrator hires .
Notably , Drata also say at that prison term that it had increase its headcount by 52 % across seven countries over the old class , a figure that will undoubtedly have grow in the months that followed as it made its first learning starting withHarmonize in April , followed byOak9 a month subsequently .
But growth does n’t inevitably exchange into a healthy bottom line , peculiarly if a society has grown too quick . Drata allude to “ sustainable growth ” in a program line to TechCrunch after we received a pourboire about the layoff .
“ Drata proceed its 3.5 years of extraordinary emergence and has refine its organizational complex body part , reducing its men by 9 % , ” the society said in an email commit by the company ’s director of communication , Sophia Hatef . “ We are incredibly grateful for the impacted employees and their donation . This strategic move direct to enhance operational efficiency and get sustainable growth as the company charts its row toward a likely IPO in the hereafter . ”
Dratahasraised well over $ 300 million in financial support , the bulk of which come via a$200 million investmentin December 2022 , which give the party a valuation of $ 2 billion . Its backers include renowned institutional investors such as Iconiq Growth and Salesforce Ventures , as well as Microsoft CEO Satya Nadella and former LinkedIn CEO Jeff Weiner .