According to a gartner report, approximately 75% of compliance officers say they still lack the confidence to execute and report program results effectively despite additional privacy and data protection scrutiny and newly added regulations in recent years . The San Francisco-based startup anecdotes has developed a compliance platform to provide personalized services for companies in areas such as legal, audit, internal control, etc.
"The tools available for now are essentially templates for meeting basic requirements and passing audits, offering very little in the way of the scalability and customization needed to facilitate, rather than hinder, growth," said Yair Kuznitsov, co-founder and executive director of anecdotes. “By breaking down siled processes, replacing outdated manual activities with automation, and establishing an underlying structure through which compliance posture can be monitored and understood at all times, we transform compliance from a cargo into an engine of growth and expansion".
Anecdotes raised $25 million in one round Serie A to develop new applications on its fulfillment platform, specifically tailored to the needs of fast-growing customers.
The funding news comes on the heels of its 175% increase in post-IPO business customers after raising $5 million in seed funding in February 2021. The startup had business deals with Similarweb, Riskified, Fiverr, Unity and other clients.
The startup added 70 integrations with identity providers, security tools, collaboration software, ticketing, and cloud infrastructure platforms in 2021 alone.
anecdotes was founded in 2020 by Kuznitsov, CPO Roi Amior, and VP of R&D Eitan Adler, all of whom have cybersecurity backgrounds and data-driven compliance insights.
anecdotes It continuously collects and maps data from AWS, Snowflake, Cloudflare, GitHub, Datadog, and more sources. The data is then leveraged to power various applications for compliance needs, such as audit management, risk analysis, policy, and customer testing. Through its custom frameworks and controls, companies can comply with internal and external audits and have the visibility, flexibility and data-backed intelligence to simultaneously scale their compliance program in the face of their own growth as a business.
Series A financing was provided by Red Dot Capital Partners, with the participation of Vintage Investment Partners, Shasta Ventures, Glilot Capital Partners and Aleph. Barak Salomon and Atad Peled of Red Dot will join the board of directors of anecdotes as part of this round.
The company, which has R&D offices in Israel, plans to open a new office in New York and double its team from 60 to 120, hiring globally.
“Today there is an insatiable appetite for data protection and privacy. And yet, most compliance leaders rely on basic, outdated technology like spreadsheets or tedious manual labor to manage critical infrastructure and positions, essentially being left to do their jobs with one hand tied behind their back in the process,” said Atad Peled, director of Red Socios at Dot Capital. “Passing an audit once a year is one thing, but there remains a huge gap in the market to address needs beyond fast-growing companies with super-complex, ever-evolving infrastructures on a regular basis. That's why the anecdotes and its compliance operating system are so critical and directly primed for rapid growth.”
Image Credits: Anecdotes
