TLDR:
- Scrut Automation raises $10 million in growth capital from Lightspeed, MassMutual Ventures, and Endiya Partners.
- The funding will be used to enhance platform capabilities, integrate generative AI applications, and expand into North American and European markets.
Scrut Automation, a Governance, Risk, and Compliance (GRC) platform, has secured $10 million in growth capital from existing investors Lightspeed, MassMutual Ventures, and Endiya Partners. The company plans to use this funding to bolster their platform capabilities by incorporating generative AI use cases to streamline manual tasks for risk and compliance teams. Additionally, they aim to expand their operations into the North American and European markets.
Founded in 2021, Scrut Automation was created to address the risk and compliance challenges faced by mid-market businesses in highly regulated industries. These companies often struggle with meeting compliance requirements due to limited budgets and understaffed teams. The platform offers a third option for organizations, allowing them to build scalable GRC programs aligned with their goals, risks, and resources.
With a focus on automation and configurability, Scrut Automation aims to simplify GRC processes for mid-market companies. By providing visibility into organizational risks, reducing compliance workloads, and automating control monitoring, the platform enables GRC teams to take corrective action in near-real time. Scrut’s unique selling point lies in its flexibility to create GRC programs tailored to each customer’s specific environment and compliance needs.
As Scrut continues to grow, they plan to help mid-market companies strengthen their risk and compliance management practices through an AI-first GRC concierge. The company has received recognition for its innovative approach, securing a spot on G2’s lists for fastest-growing products and best security software.
Overall, Scrut Automation’s latest round of funding will allow them to further develop their platform, expand into new markets, and support mid-market companies in navigating the complex landscape of risk and compliance management.
