Vanta, the online security and compliance management platform, raised $150 million in a fresh round of funding led by Sequoia Capital, giving it a valuation of $2.45 billion.
The funding round saw the participation of banking giants such as Goldman Sachs and JP Morgan Chase raising the fund to a total of $353 million as per a report by Economic Times.
Atlassian Ventures, Craft Ventures, CrowdStrike Ventures, HubSpot Ventures, Workday Ventures and Y Combinator were the other investors that participated in the funding round.
It is reported that Vanta would be using the funds for its AI innovation, eliminate legacy tools in compliance and deepen its global presence by venturing into the U.K and Australia.
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"We're investing in Vanta because of their demonstrated platform approach, starting with automated compliance and rapidly adding new modules," said Goldman Sachs growth equity investor Mike Reilly as reported by ET.
Vanta, founded in 2018 by CEO Christina Cacioppo, helps in online security and compliance management through the process of automation. The company has over 500 employees prioritising its focus on North America, U.K., Germany, and Australia.
It has over 8000 customers including Microsoft-owned developer platform GitHub, hiring platform SmartRecruiters and database company ZoomInfo. A quarter of Vanta’s customers are outside the United States as per reports.
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Previously, the San-Francisco based company had raised $50 million in 2021 in which Sequoia had also participated. The company was valued at $1.6 billion after raising $110 million in 2022.
Companies pursuing artificial intelligence (AI) adoption are attracting the attention of U.S. venture capital firms after a near two-year lull driven by high interest rates and a sluggish exit market for startup investors.
