Every technology vendor must pass client security scrutiny, which is usually a tedious process involving lengthy questionnaires. Kintent, a fast-growing company that has automated this process, has announced a series A funding of $18 million, led by OpenView, with Tola Capital as a follow-on investor. Kintent will use the funds to expand its sales and product teams to meet its growing customer base and surplus lead flow.
Kintent is a software development platform that helps businesses improve their revenue-creation capabilities. It uses natural language processing (NLP) and machine learning to auto-suggest security questionnaires. It then creates a live, engaging website and API that allows businesses to share and demonstrate compliance with their customers.
Kintents'' main objective is to simplify how a customer and supplier of software build trust among others, particularly in the areas of security and data privacy. The latest funding suggests the company has improved its business model and has demonstrated its path to profitability. For every company, the series A stage is usually about expanding and developing a viable business model that can scale upwards with future rounds of funding.
This announcement is crucial for technical decision-makers, because it eliminates the need for them to make assumptions, including the legitimacy of a company''s marketing and sales materials.
The most recent funding is intended to demonstrate that the company''s core product or service is capable of being produced, will as expected, and has a market.
Streamlining compliance, enabling revenue
Kintent was founded in 2020 by Sravish Sridhar (after the onset of COVID-19), alongside six other people with whom he met in his last business, Kinvey, which was acquired in 2017. Kintent was initially developed with a purpose of providing a trusted system, with the first use case being for information security and data privacy compliance.
The application that might be particularly important for software-as-a-service (SaaS) businesses that store customer data or personal health information (PHI). This is currently accomplished by obtaining official compliance certifications or attestations to standards such as SOC 2, ISO 27001, HIPAA, GDPR, and others, as well as completion of exhaustive security questionnaires as part of the sales process.
Trust Cloud, a service founded by the company, helps you determine whether to become compliant with a given standard, measure the current state of compliance, and provide recommendations on how to improve it.
Kintents Trust Cloud begins by assessing the state of your systemsm types of data being collected and stored, as well as the compatibility of each system with the standards the company is attempting to meet. The Trust Cloud then generates a list of best practices to keep in compliance with your chosen standard depending on how you categorize your data and ultimately, it provides the means to continue testing to validate what you have done and that youre is still in compliance.
I believe that the entire SaaS industry needs a kick in the pants when it comes to security questionnaires and compliance. Today, the whole procedure is a harrowing absurdity. According to Sridhar, the majority of businesses perform the necessities to simply tick this box and obtain compliance certifications. Every sales team is constantly striving to pass the security questionnaire process as quickly as possible by answering questions that represent the customer''s conviction. Compliance is simply no longer true today.
Kintent is used by CISOs in business to transform their security and compliance programs from a cost center to a revenue enabler. In turn, Kintent is committed to delivering explicit, tangible trust. Programmatically, trust is monitored.
Mackey Craven, one of the OpenViews tech industry angel investors, said it''s rare to see a business that is capable of diversifying a wide spectrum of industries, such as governance, risk, and compliance.
Kintent is facilitating the growth of their customers by transitioning check-the-box compliance from a cost center to a revenue-generating business, while also increasing their admiration in the industry, while also building a more trustable community in which to operate.
A partner at Tola Capital, Akshay Bhushan expressed his firsthand experience of Kintents'' ability to assist high-growth businesses across several industries in executing their business acquisitions faster.
The platform provides sales and operational leaders with the tools they need to handle IT and security concerns ahead of time, or sales will be delayed by months. Were ecstatic to assist Kintent in their effort to establish the Trust Cloud.
The compliance-as-a-service landscape
Kintent employs roughly 25 people and is completely remote and evenly distributed. Despite its success, the company intends to employ 50-60 employees by the end of the year. Some of its customers include atScale, BitSight, DataRobot, DesktopMetal, Evisort, Jeeves, Notarize, and Snyk.
Kintents'' AI and API-based automation blends sales and security procedures into one platform, which allows us to speed sales and maintain client confidence. According to Andrew Smeaton, the company''s CISO,
Kintent has won 87 percent of all competing offers in the last 12 months. Other competing companies imply that it is getting attention through autopilot and that it can use automation to obtain the necessary proof.
One of our customers who checked out some of our competitors jokingly called them SOC-in-a-Box It''s also fascinating to see them compete in the market, using their venture capital funds to reduce sales every quarter. Even if Kintent costs more than our competitors, we still win because our customers prefer revenue-generating compliance rather than check-the-box compliance, according to Sridhar.
Kintent aims to transform the old situation from check-the-box compliance to trust. A foundation of trust built on honest, transparent and systematic compliance verification. The company is attempting to assemble a future in which suppliers and customers may communicate security and compliance information with each other using APIs. As a result, Kintent will create a world of transparency, measured trust, where business trust is constantly confirmed programmatically.