TrustCloud Secures $15M to Revolutionize Enterprise Cyber Risk Management with AI-Powered GRC Platform
TrustCloud, an innovative security assurance platform tailored for hybrid enterprises, has recently secured $15 million in a strategic funding round. This significant investment aims to enhance the company’s capabilities in the FinTech and cybersecurity sectors, specifically designed for enterprise chief information security officers (CISOs).
Funding Details and Investors
The funding round was spearheaded by ServiceNow Ventures, with notable participation from well-known investors such as Cisco Investments, Presidio Ventures, OpenView Venture Partners, and Tola Capital. Existing backers also joined this round to support TrustCloud’s growth initiatives.
TrustCloud’s Unique Offerings
TrustCloud operates a purpose-built platform that modernizes governance, risk, and compliance (GRC) workflows. The platform leverages advanced AI technology to integrate data from various IT, business, and security systems, helping organizations:
- Reduce manual workloads
- Lower financial risks
- Enhance compliance efficiency
Investment Utilization
The proceeds from this funding round will primarily be directed towards:
- Accelerating enterprise go-to-market strategies
- Enhancing channel operations
- Further developing AI capabilities for a unified view of security risk
Recent Innovations by TrustCloud
Over the past year, TrustCloud has introduced several groundbreaking innovations, including:
- Hybrid Data Fabric: This feature consolidates data from over 100 SaaS tools.
- Continuous Control Monitoring (ConMon): Utilizes proprietary AI to test and optimize controls on a Control Graph.
- Assurance AI: Applies machine learning and NLP techniques to streamline risk and compliance workflows.
Leadership Insights
TrustCloud’s CEO, Sravish Sridhar, emphasized the importance of this strategic investment, stating, “This validates the urgent need to modernize GRC for enterprise CISOs and unify CISOs and Chief Risk Officers around a shared view of risk.”
Victor Change, Vice President at ServiceNow Ventures, expressed excitement about supporting TrustCloud’s growth as enterprises increasingly seek to modernize risk and compliance workflows.
Market Presence and Growth Metrics
Currently, TrustCloud’s platform is utilized by over 1,000 businesses, including industry leaders like Corelight, DataRobot, Dolby, DesktopMetal, Grafana, NetApp, and ServiceNow. The company has reported impressive growth metrics, achieving:
- 100% annual recurring revenue growth year over year for the past three years
- A gross revenue retention rate exceeding 98%
- A net retention rate surpassing 115%
To learn more about TrustCloud’s innovative platform and future developments, visit the full story on RegTech Analyst.
