- Hyperproof offers connectors to gather compliance data from company apps automatically.
- Hyperproof’s platform visualizes compliance data, including GDPR non-compliance percentages.
Hyperproof Inc., a startup that aids businesses in adhering to cybersecurity and privacy laws, has secured USD 40 million in new funding.
Riverwood Capital led the round. Recently, Hyperproof announced an investment and mentioned that current backer Toba Capital also made a contribution. The business has raised a total of USD 62.3 million in funding since its founding in 2018.
The Founder and CEO of Hyperproof, Craig Unger, stated in a blog post, “This round of funding will empower us to grow alongside our customers and continue offering them innovative new capabilities to meet their evolving enterprise needs.”
Businesses that gather consumer data within the European Union must ensure that their data use complies with GDPR, the region’s privacy law. Hospitals, on the other hand, are required to abide by the HIPAA cybersecurity rule in the healthcare industry. Additionally, there are cybersecurity best practices, such as the SOC 2 framework, that businesses are not always required by law to adhere to but are frequently anticipated to do so by clients.
It can take hundreds of steps to bring a company’s infrastructure into compliance with data management laws. It is challenging to verify that each step has been carried out correctly. Based in Bellevue, Washington, Hyperproof offers a cloud-based platform that allows for easy monitoring of a company’s compliance efforts.
The platform for Hyperproof uses graphs to display important compliance data. It could, for instance, show what proportion of a business’s privacy controls aren’t yet GDPR compliant. The platform also offers pertinent data, such as whether any controls need to be tested to ensure their dependability.
Hyperproof compiles data on specific regulatory compliance issues in a company’s infrastructure in addition to high-level metrics. Compliance teams can use the platform to find internal technology assets that don’t adhere to privacy or cybersecurity standards. According to Hyperproof, the effectiveness of suppliers’ compliance efforts can be assessed using their platform.
Companies are required to implement specific settings in their internal applications by many cybersecurity regulations. For instance, an organization might have to guarantee that the passwords on its file share folders are secure. In some situations, the amount of time required to manually review all of a company’s file share folders and other data assets for compliance can be prohibitive.
Hyperproof offers connectors that automatically gather compliance information from a business’s applications to simplify the task. The platform can, for example, acquire information regarding the configuration of Google Drive’s security settings. The company claims it can save compliance teams hundreds of hours per year by reducing manual labor.
Since 2022, according to Hyperproof, the number of businesses using its platform has tripled. The company’s revenue increased by 260% during that time. Motorola Solutions Inc., Nutanix Inc., and other significant tech companies are among the company’s installed base.
The latest funding round’s proceeds will be used to increase the platform’s feature set. The business intends to include artificial intelligence tools as part of the initiative to automate manual regulatory compliance tasks.