TrustCloud, an AI-native security assurance platform for hybrid enterprises, announced it has raised $15 million in strategic funding led by ServiceNow Ventures, with participation from Cisco Investments, Presidio Ventures, OpenView Venture Partners, Tola Capital, and existing investors.
What TrustCloud does: TrustCloud’s security assurance platform is purpose-built to empower CISOs to work with chief risk officers (CROs) to take clear and informed action while implementing data-driven decisions to protect their organization. And the company’s AI- and API-driven automation transforms traditional GRC by slashing costs, increasing accuracy, and simultaneously turning GRC into an enabler of the business that reduces financial liability and accelerates revenue.
In the last year, TrustCloud introduced three differentiated capabilities into its security assurance platform to automate first-party and third-party risk and compliance assessments:
1.) Hybrid Data Fabric – Data lake that leverages 100+ data integrations to SaaS tools and an SDK to push data from on-premises environments to aggregate IT, business, security, and GRC data into a single source of truth.
2.) Continuous Control Monitoring (ConMon) on a Control Graph – Proprietary AI-based relationship models that intelligently graph and continuously test controls to multiple security, GRC, and business artifacts to analyze the impact of every change, make recommendations to prioritize actions based on potential risk.
3.) Assurance AI – Purpose-built ML and NLP models enhanced by retrieval-augmented generation (RAG) techniques that see everything through the Control Graph and the Hybrid Data Fabric, resulting in a highly accurate security and GRC workflow automation without hallucinations.
Momentum: This strategic funding builds on the momentum for TrustCloud in its enterprise business. And for the past three years, TrustCloud has sustainably grown ARR 100% YoY, and has consistently achieved 98%+ gross revenue retention (GRR) and 115%+ net revenue retention (NRR).
Over 1,000 businesses today rely on TrustCloud to store and process their highly regulated data. Companies including Corelight, DataRobot, Dolby, Desktop Metal, Grafana, NetApp, and ServiceNow use TrustCloud to continuously assess, mitigate, and respond to security, privacy, and AI risks associated with their cloud-native and on-premises digital applications and infrastructure.
How the funding will be used: It will be used to accelerate enterprise go-to-market and channel operations further, while enhancing its AI capabilities to provide enterprise chief information security officers (CISOs) with a unified view of security risks across the IT landscape. TrustCloud’s AI aggregates, analyzes, and acts on data in multiple IT, data, and cybersecurity platforms, eradicates thousands of hours of manual GRC work, and helps CISOs re-prioritize their team’s focus on strategic security initiatives, enabling them to reduce financial risk, cut costs, and accelerate revenue and compliance activities.
KEY QUOTES:
“This strategic investment validates the urgent need to modernize GRC for enterprise CISOs and their teams, and unify CISOs and Chief Risk Officers around a shared view of risk. We built TrustCloud to seamlessly integrate with major enterprise platforms, so that we could make it as simple as possible for mature organizations to eliminate manual work, align security and risk teams to make better decisions, and give CISOs the tools they need to drive business value by reducing risk and maintaining compliance assurance.”
Sravish Sridhar, CEO of TrustCloud
“As a leader in enterprise GRC, we’re excited to support TrustCloud’s growth as enterprises look to modernize risk and compliance workflows and drive greater operational efficiency.”
Victor Change, Vice President of ServiceNow Ventures
“Automating enterprise cyber risk management is increasingly mission-critical for CISOs. Trust Cloud’s expertise in delivering visibility and context through its AI enabled continuous controls provides CISOs with an integrated, multi-dimensional view of cyber risk across security, compliance, financial/insurance, regulatory, and customer contractual risk.”
Prasad Parthasarathi, Senior Director at Cisco Investments
