The round was led by Wellington Management, which has not previously invested in Vanta, and also included existing investors: Growth Equity from Goldman Sachs Alternatives, Sequoia Capital, JPMorgan Chase & Co., and Craft Ventures, a venture capital firm co-founded by investor David Sachs.
The new estimate significantly exceeds the previous estimate of $2.45 billion recorded a year ago, and brings the total amount of funds raised since 2021 to approximately $504 million.
Founded in 2018, Vanta develops software that helps businesses comply with regulations and standards related to the storage and processing of customer data. Today, the startup serves about 12,000 customers in the technology, finance, and healthcare sectors. The company is also currently planning to enter the public sector market — both national and local. According to CEO Cristina Cacioppo, recent breakthroughs in artificial intelligence have made Vanta’s tools even more useful. Progress in building large language models — the core technology of generative AI — “opens up a lot of magical product possibilities that we’ve wanted to realize for years,” she noted.
Vanta plans to use the funding to expand its AI capabilities. In particular, the startup recently introduced a product — an AI-based agent capable of performing tasks on its own, making it more autonomous than traditional software. Such solutions are becoming increasingly popular amid the boom in artificial intelligence. “There are new standards and frameworks emerging in the AI industry that we are helping our clients with,” Cacioppo said. “We are also integrating AI into our products and client workflows, providing fully automated security checks (zero-touch).”
The company is actively expanding its international presence. Over the past year, Vanta has opened an office in London and launched a data center in Australia to accelerate growth in the Asia-Pacific region.
Source: Bloomberg