Farukh Kitchlew | Feb 19, 2024 | 0
Hyperproof raises $40 million!
Risk management startup Hyperproof has successfully secured $40 million in a recent funding round. The company, known for its innovative approach to simplifying compliance processes, plans to utilize the funds to expand its customer base. Hyperproof’s platform offers organizations a centralized system to manage and automate compliance activities. By leveraging advanced technology, including AI and machine learning, the startup enables businesses to navigate the intricacies of compliance more efficiently and effectively.
Innovative Compliance Management Platform
The National Conference of State Legislatures reported that in 2023, approximately 140 consumer privacy bills were either introduced or deliberated on by at least 25 U.S. states. Simultaneously, the European Union (EU) has recently enacted the Cybersecurity Act, which imposes more stringent requirements on businesses handling private data. Furthermore, the U.S. Securities and Exchange Commission has issued new regulatory disclosure rules.
Consequently, many businesses strive to establish a compliance culture in response to these developments. However, they are encountering obstacles in this endeavor. According to a Deloitte survey, 61% of internal compliance teams report being negatively impacted by increased regulatory changes.
Growing Recognition of Compliance Importance
The funding round also signifies the growing recognition of the importance of compliance and risk management. As businesses face increasingly stringent regulations, the need for robust compliance solutions has become paramount. Hyperproof’s platform simplifies compliance processes, reduces costs, and minimizes non-compliance risks.
Hyperproof’s innovative approach has garnered attention from various industries, including healthcare, finance, and technology. The startup’s user-friendly interface and customizable features have made it a preferred choice for organizations seeking to streamline their compliance efforts.
Strategic Partnerships and Collaborations
As the company grows, it aims to foster strategic partnerships and collaborations. By working closely with industry experts and regulatory bodies, Hyperproof seeks to stay at the forefront of compliance innovation and provide tailored solutions to meet evolving requirements.
Besides offering customizable controls for individual frameworks, Hyperproof provides a variety of software modules tailored to assist in various aspects of risk and compliance management.
The risk management module enables teams to track potential risks centrally. Another module, focused on compliance operations, empowers team members to automate evidence collection, such as documenting compliance processes and outcomes, and to identify which risks require mitigation. An additional module dedicated to audit management offers teams insight into audit preparation statuses and assists in linking evidence from existing controls to audit requests. Furthermore, the software includes a module for automatically managing vendor risks that analyzes the risk profiles and potential impacts linked to third-party vendors.