 "Scrut Automation raises $7.5 mn in funding round led by MassMutual Ventures")
IT startup Scrut Automation, which specialises in Governance, Risk and Compliance (GRC) automation, has raised USD 7.5 million in a funding round led by MassMutual Ventures, a top company official said on Tuesday.
Scrut Automation CEO and Co-Founder Aayush Ghosh Choudhury told PTI that the fresh round of funding took place at 4 times higher valuation compared to the last funding round a year ago when the company raised USD 3 million.
Existing investors Lightspeed and Endiya Partners participated in the funding round to raise their stake in the company, Choudhury said.
"We still have 40 per cent of the amount in the bank that we raised in last round. The fresh round of funding is more of strategic in nature," he said.
The company will utilise the fund in product development as the company aspires to increase client base by 30-40 times by end of this year.
"We at present have around 50 logos. Now we are looking to increase logos to 1,500- 2,000 by end of 2023," Choudhury said.
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The company currently works with customers in India, Singapore, and the US, providing them with a unified view of an organization's compliance posture.
"...we believe their (Scrut's) robust compliance and security offerings will assist rapidly growing companies around the world in accelerating revenue growth," MassMutual Ventures Managing Partner Anvesh Ramineni said.
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