TrustCloud, a security assurance platform that leans heavily towards AI to make the life easier for Enterprise Security teams, has raised $15 million in strategic funding. The round was led by ServiceNow Ventures with support from Cisco Investments, Presidio Ventures, OpenView Venture Partners, Tola Capital and other existing investors.
The company’s momentum over the past year has clearly attracted investors’ attention. With the growing base of businesses and medium-sized customers, TrustCloud plans to use new capital to strengthen its market commitment and build partnerships. Also, some of the money will be even more capable, especially when giving CISOs a clearer image of the risks scattered throughout the IT system.
ServiceNow and Cisco bet on AI-powered GRC as TrustCloud closes its $15 million strategic round
At its heart, TrustCloud connects to everything where security and risk data is live, analyzing it, removing the thousands of hours of manual work that security teams normally throw. For CISOs, that means that resources can be relocated to higher impact projects, reducing exposure and moving faster in both compliance and business initiatives.
“This strategic investment examines the urgent need to modernize Enterprise CISOS and its team’s GRC, and unifies CISOS and the Chief Risk Officer around a shared view of risk,” said Sravish Sridhar, CEO of TrustCloud. “We have built TrustCloud to seamlessly integrate with major enterprise platforms, so that mature organizations can eliminate manual work, coordinate security and risk teams to make better decisions, and provide CISOs with the tools they need to promote business value by reducing risk and maintaining compliance assurances.”
TrustCloud has established itself as a dedicated platform for GRC (governance, risk, and compliance) transformation. The goal is to help CISOS and CROs act on data rather than instinct, minimizing costs and increase trust across security programs.
Over the past year, TrustCloud has rolled out a trio of features that push the platform even further. The first is what is called a hybrid data fabric. This is a system that acts like a giant funnel, drawing data from over 100 SaaS tools and on-plame systems. Teams provide a single, unified view of IT, business and security environments.
Next is continuous control monitoring built on what TrustCloud calls control graphs. This is an AI-driven system that maps the way controls relate to each other across an organization. When something changes, it not only informs you, but also helps you analyze potential fallout and determine what needs to be careful about first.
Next, there is the guarantee AI. These are dedicated machine learning and NLP models that are enhanced by searched generation (RAG) that operates across the platform’s data and control layers. Automate complex GRC workflows while avoiding the usual noise and inaccuracies associated with common AI models.
Victor Change, vice president of ServiceNow Ventures, said the company is in support of TrustCloud as more companies are trying to overhaul the way they manage risk and compliance. “As a leader at Enterprise GRC, we are pleased to support TrustCloud’s growth as enterprises seek to modernize risk and compliance workflows and drive greater operational efficiencies.”
Cisco thinks along a similar line. “We’re committed to providing a range of services to our customers,” said Prasad Parthasarath, Senior Director, Cisco Investments. “The trust cloud expertise in providing visibility and context through AI-enabled continuous controls provides CISOs with an integrated, multidimensional view of cyber risk across security, compliance, financial/insurance, regulatory, and customer contract risk.”
Founded by Sridhar in 2020, TrustCloud is a Boston, Massachusetts-based high-tech startup that has built a platform that fits neatly into the technology stack of large companies. Integrated with major IT, data and cybersecurity platforms, helps security teams integrate workflows and uncover hidden risks. This will allow both CISOS and CROS to better understand what is going on and where to focus next.
AI platform shaping the future of enterprise GRC
TrustCloud is used by businesses in several important ways. It helps teams to continuously monitor internal controls and closely monitor third-party vendors. It also uses manual grantwork from compliance by automatically identifying gaps and checking preparations. Also, when it comes to risk assessment, whether it’s within the company or from an external partner, startups can help simplify the process and quantify it with much less effort.
The company said it has doubled its annual recurring revenue each year for the past three years, constantly looking at a total revenue retention rate of over 98% and a net revenue retention rate of over 115%. Over 1,000 companies rely on TrustCloud to manage sensitive data and meet compliance requirements. Customers include names such as CoreLight, Datarobot, Dolby, Grafana, NetApp, ServiceNow, and more.
As security and risk management continues to raise executive priorities lists, TrustCloud makes a strong claim that it is not just a useful tool, but is part of the strategic technology stack. The $15 million injection will cost more fuel to the tanks as it works to simplify how businesses are safe, compliant and operationally ready.
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