led by MassMutual Ventures, Lightspeed, and Endiya Partners
With the fresh capital, Scrut aims to focus on simplifying risk management and infosec compliance for cloud-native SaaS, Fintech, and Healthtech companies
21st February 2023: Furthering its rapid growth, Scrut Automation, a leading Governance, Risk and Compliance (GRC) Automation platform in APAC, has raised a new round of funding of $7.5 Mn, led by MassMutual Ventures, with existing investors, Lightspeed and Endiya Partners, increasing their stake. MassMutual Ventures has been an active investor in the risk and security domains, with investments in leading companies across cyber-risk prediction and management, threat assessment, data security and IoT security, and comes in as a strong partner for Scrut Automation.
Founded in 2021 by Aayush Ghosh Choudhury, Kush Kaushik, and Jayesh Gadewar, Scrut Automation provides an information security monitoring platform, aimed at helping small and medium cloud-native enterprises develop and maintain a robust security posture, and comply with various infosec standards such as SOC 2, ISO 27001, GDPR, and the like with ease. With the help of the Scrut platform, customers have been able to reduce their manual effort for security and compliance tasks by 70%.
In the last few years, frequency and intensity of breaches have increased drastically, which have made it imperative for cloud-native enterprises to continuously monitor their Security posture, and comply with multiple frameworks across geographies. The platform plans to use the fresh capital to simplify risk management and infosec compliance for cloud-native SaaS, Fintech, and Healthtech companies – automating ~70% of manual tasks and reducing tool fatigue from managing disparate point tools for security. Scrut will deepen its risk observability and management capabilities, as well as expand its presence in the US market with the assistance of MassMutual Ventures’ expertise. The company currently works with customers in India, Singapore, and the US, providing them with a unified view of an organization’s compliance posture.
Commenting on the latest fundraise, Aayush Ghosh Choudhury, CEO and Co-Founder of Scrut Automation, says, “We at Scrut have been hyper-focused on helping CISOs and InfoSec Heads across cloud-native companies build and maintain a risk-first security posture, enabling them, in turn, to become more agile in managing their risk and security posture and simplify compliance across 20+ InfoSec standards with ease. The fresh capital infusion will help us deepen our product capabilities and expand our market presence for mid-market CISOs. We are happy to have marquee investors backing us in our journey.”
Anvesh Ramineni, Managing Partner at MassMutual Ventures, added, “We are delighted to support the Scrut team, as we believe their robust compliance and security offerings will assist rapidly growing companies around the world in accelerating revenue growth. Scrut’s leadership team’s deep domain expertise and strong understanding of customer needs, coupled with the platform’s risk-first approach and scalability have been the primary reasons for its success. The product roadmap is exciting, with significant enhancements to risk observability, control automation, monitoring, and orchestration capabilities and will position Scrut as a leader in the space.”
Dev Khare, Partner, Lightspeed said; “The rise in cybersecurity threats around the world is real and fast-growing. We are excited to see Scrut’s GRC one-stop shop solution address this threat. As a result, there is widespread acceptance of Scrut’s GRC solution by mid-market enterprises in the US and Asia.”
Sateesh Andra, MD, Endiya Partners, added, “Endiya Partners is proud to be a part of Scrut Automation’s journey from the beginning. Organizations need to keep up with the ever-changing and complex information security landscape to remain compliant with SOC 2, GDPR, CCPA, and other regulations. This makes investing in the right Governance, Risk and Compliance (GRC) platforms necessary and Scrut Automation provides the perfect solution. Scrut combines multiple capabilities across cloud governance, policy and evidence management, asset management into a comprehensive risk-first approach – which reduces tool fatigue for CISOs at mid-market and growth stage companies.”
As Scrut Automation embarks on its new journey, it has introduced several cybersecurity luminaries to join the company’s Board of Advisors.
A brief snapshot of Scrut Automation’s Advisory Panel:
Naresh Agarwal is currently the Head of India R&D at Traceable, and will lend learnings from his ~18 years of platform engineering and infrastructure experience, across companies like inMobi, Informatica, and App Dynamics to Scrut Automation.
Shashi Kiran serves as the CMO at Fortranix and brings with him 25+ years of experience across Aryaka Networks, Cisco, and Quali. He also advises several early-stage cloud and security startups across the Silicon Valley.
Shreesha Ramdas is a two-time founder himself, who has successfully exited two of his startups (Strikedeck and Leadformix). He is a well-known name in Silicon Valley, and has invested across over 50 companies in their early stages. He also serves as part of the Board for Securin and Korbyt.
Mel Reyes is the global CIO and CISO at Getaround. Before that, he was in charge of security at Synchrony, Cenveo, MiMedia, Go! Productions, and other companies. He is deeply entrenched in the startup landscape and is an advisor for 10 startups like Verascore and Nomadreaming.