Demand for risk and compliance management continues to be fueled by novel threats and risks, new global regulations, and enhanced scrutiny from regulatory bodies worldwide.
With advanced enterprise risk management and compliance workflow automation, companies ranging from mid-market to large enterprises can use Hyperproof’s comprehensive and customizable solution to track and mitigate risk and automate complex, collaborative workflows, turning risk and compliance mandates into differentiators.
BELLEVUE, Wash., Aug. 30, 2023 /PRNewswire/ — Hyperproof — an innovative SaaS-based risk and compliance management company, announced today the close of a $40 million growth investment led by Riverwood Capital, a global investor in high-growth technology companies, with participation from existing investor Toba Capital.
Demand for risk and compliance management continues to be fueled by novel threats and risks, new global regulations, and enhanced scrutiny from regulatory bodies worldwide. With FedRAMP, CMMC, and state privacy regulations being defined, companies are working quickly to adapt the necessary changes. Recently, the SEC approved new disclosure requirements to hold companies accountable for reported material breaches. In a fast-changing regulatory landscape, companies are therefore looking for strategic technology that enables them to manage risk and compliance at scale. Hyperproof solves these challenges by providing 360-degree visibility into a company’s risk and compliance posture while ensuring stronger collaboration across teams and reducing inefficiencies that plague companies as they grow. The Hyperproof platform supports over 85 broadly applicable and industry- and state- specific frameworks, such as SOC 2, ISO 27001, NIST 800-53, NIST CSF, FedRAMP, CCPA, GDPR, HIPAA, among others.
Hyperproof will use the funding to expand its enterprise-grade offerings and develop new technologies with advanced heuristics and artificial intelligence to automate tedious manual processes and scale compliance and risk workflows. Hyperproof has tripled its customer base since 2022 and signed key partnership agreements with global firms like Grant Thornton. As Hyperproof has grown, its customer list has evolved to include industry-leading companies such as Reddit, Motorola, Nutanix, Applovin, and Veeva Systems. Hyperproof’s customer base is wide-ranging with companies in technology, financial services, healthcare, manufacturing, and other verticals and increasingly combines both high-growth mid-market organizations and large enterprises due to the platform’s flexibility and risk-forward approach. Underpinning the significance of the need for modern, sophisticated compliance technology at the enterprise level, Hyperproof has seen 260% in revenue growth since 2022.
“The Hyperproof platform delivers the flexibility, customization, powerful reporting, scalability, and workflow optimization our customers need to get ahead of compliance requirements and stay relevant,” said Craig Unger, CEO and Founder of Hyperproof. “We at Hyperproof are tireless champions of our customers, prioritizing their needs in every decision we make. This round of funding will empower us to grow alongside our customers and continue to offer them innovative new capabilities to meet their ever-evolving enterprise needs.”
“In response to changing global dynamics, companies are subject to an evolving roster of compliance requirements. Enterprises that can anticipate and streamline their compliance protocols will be better equipped to rapidly and seamlessly adapt to current and future scenarios, unburdening them from costly and time-consuming processes and freeing up professionals to focus on their core business functions,” said Jeff Parks, Co-Founder & Managing Partner at Riverwood Capital. “The incredible ROI of implementing Hyperproof’s platform is immediate and undeniable, and we are thrilled to partner with Craig and the impressive team he has built at Hyperproof as they mitigate this universal pain point and help companies transform compliance and reporting into a unique advantage.”
“As regulatory requirements are becoming increasingly rigorous, driving a need for continuous monitoring across departments, we are also seeing that compliance certifications are now a standard requirement in RFP processes to win new business,” said Ramesh Venugopal, Partner at Riverwood Capital and new member of Hyperproof’s Board of Directors. “Hyperproof’s cloud-based platform is well positioned to replace outdated enterprise infrastructure that drains a company’s time and resources, has limited integrations, and doesn’t provide the workflow optimization tools companies need to stay compliant. We are excited to partner with Hyperproof on their mission to help companies differentiate themselves with complete visibility into their compliance postures.”
About Hyperproof
Hyperproof is a SaaS platform that empowers compliance, risk, and security teams to automate and scale their workflows without the burden of jumping between multiple legacy platforms and spreadsheets. The Hyperproof platform enables teams to get complete visibility into their organizational risks, streamline the audit process, and reduce their ever-growing compliance workloads in one seamless platform. Hyperproof is trusted by leading organizations like Veeva Systems, Fortinet, Motorola, Outreach, and 3M. To learn more about Hyperproof, visit https://hyperproof.io
About Riverwood Capital
Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008 and has had the opportunity to invest in and support over 70 companies since inception, which have grown revenues at 45% per year on average during that period. The Firm has offices in Menlo Park, CA; Miami, FL; New York, NY; and São Paulo, Brazil. For more information, visit www.riverwoodcapital.com.
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