TrustCloud, creator of the TrustCloud platform that helps companies implement truthful, revenue-generating compliance to earn customer trust and accelerate sales, today announced a Series-A capital raise of $18 million, led by OpenView, with follow-on participation by Tola Capital. TrustCloud will use the funding to aggressively hire sales and product staff to support its growing customer base and surplus lead flow.
TrustCloud has seen 10x growth in the last 12 months, driven by market demand from SaaS businesses who must achieve multiple compliance certifications and complete tedious security assessments to close enterprise deals. Numerous security-minded companies that store and process highly confidential customer data, including BitSight, ChaosSearch, DataRobot, DesktopMetal, Evisort, Jeeves, Notarize, and Snyk, use TrustCloud to achieve truthful compliance, and share their security program with customers.
“We were looking for an automated way to complete security assessments, provide transparency to our customers and partners around our security program, and empower our business units to effortlessly achieve and maintain compliance,” said Andrew Smeaton, CISO of DataRobot. “TrustCloud’s AI and API-based automation unifies both sales and security workflows into one platform, helping us accelerate sales and continuously earn customer trust.”
“I believe it is rare to find a company so well positioned to revolutionize a massive industry like GRC (governance, risk, and compliance),” said Mackey Craven, Partner at OpenView. “By transforming check-the-box compliance from a cost center into a revenue-generating function, TrustCloud is directly powering the growth of their customers and seeing tremendous adoption in the market, all while creating a more trusted ecosystem in which to do business.”
In the last 12 months, TrustCloud has extended TrustCloud with three trust services to bring compliance and sales together in one platform and enable revenue-generating compliance:
- TrustOps: Automate adherence to multiple compliance frameworks, including SOC 2, ISO 27001, CMMC Level 1, NIST 800-53, HIPAA, GDPR, ISO 27701, and CCPA
- Respond: Using AI, unblock sales by completing enterprise security questionnaires in less than one day
- TrustShare: Securely share data privacy and security information with customers, using a live, auto-generated portal that saves marketing budget and time
“We’ve seen firsthand how TrustCloud helps high-growth companies in multiple verticals close enterprise deals faster,” said Akshay Bhushan, Partner at Tola Capital. “The platform equips sales and operational leaders with the necessary tools to proactively handle IT and security objections which could delay sales by months. Instead, sales teams leverage TrustCloud to turn around questionnaires within hours to win enterprise deals. We’re thrilled to back the TrustCloud team on its mission to build the TrustCloud.”
“I believe that the entire SaaS industry needs a kick in the pants when it comes to security questionnaires and compliance,” said Sravish Sridhar, founder and CEO of TrustCloud. “Currently, the whole process is a comical charade. We must transform the status quo from check-the-box compliance to trust. To do that, we need a future where vendors and customers use APIs to truthfully share security and compliance information with each other. So, instead of zero-trust, TrustCloud will create a world of transparent, measurable trust – where trust in business is programmatically verified at all times.”
To achieve its vision, TrustCloud plans to double its headcount by the end of the year. All positions are remote. For a list of open positions, visit TrustCloud’s Careers Page.
To accelerate revenue by automating security questionnaires and compliance, sign up for TrustCloud’s Respond.
About TrustCloud
TrustCloud is on a mission to make it effortless to earn trust in every business relationship. TrustCloud® trust assurance platform democratizes a company’s ability to quickly and cost-effectively adopt formal security and compliance programs, measure the accuracy of the program, and empower sales to confidently share their program with customers. With TrustCloud, compliance is transformed from a cagey, check-the-box charade into a truthful and transparent showcase of trust, allowing your customers to see how you meet every trust obligation you have with them. TrustCloud is joyfully crafted by a 100% distributed team.
About OpenView
Founded in 2006, OpenView is a venture capital firm investing globally in business software companies. With a mission to improve people’s working lives, OpenView’s focused investment approach across sector and stage enables the firm to identify and partner with business software companies that it deems to be category leading. The firm’s focus extends to operational excellence through its dedicated expansion team working with portfolio companies on go-to-market, sales and marketing, product-led growth, talent, and corporate development. The firm is based in Boston and has approximately $2.8 billion in total capital under management. For more information about OpenView and its portfolio companies, please visit https://openviewpartners.com
