Laika Raises $50M to Grow Its Compliance Automation Software
Companies are increasingly requiring their software vendors to obtain SOC 2 certification to ensure their data is in secure hands.
To help businesses navigate complex information security, or InfoSec, frameworks, many software companies rely on compliance automation software. NYC-based Laika says it is the only compliance automation software that features integrated auditing, penetration testing and guidance.
Laika will continue to build upon its product, as well as its sales, marketing and strategic partnerships with $50 million in fresh funding. The Series C round, led by Fin Capital, brings the company’s total funding to $98 million.
“This funding gives us the resources to dial-up our partnerships and platform strategy, grow our sales organization and invest in marketing to broaden our audience reach and, ultimately, enable more customers to reach these critical compliance objectives,” Austin Ogilvie, co-CEO of Laika, said in a statement.
With Laika, software companies can complete their SOC 2 audits in a matter of weeks, not months, according to the company.
Laika has grown its active user base by more than 1,000 percent in the past year. To support its growth, the company has grown its workforce by 50 percent during the same time frame, reaching nearly 200 employees.
“Laika has filled a unique gap in the rapidly-growing compliance automation and audit management space by providing the only comprehensive, centralized compliance platform,” Christian Ostberg, a partner at Fin Capital, said in a statement. “By combining automation of InfoSec workflows with the integrated, tech-enabled audits, Laika has set themselves as the clear market leader shaping this fast-growing category.”