Every technology vendor must pass client security scrutiny, which is often a time-consuming process involving lengthy questionnaires. Kintent, a fast-growing startup 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 utilize the funds to expand its sales and product teams to serve its expanded customer base and surplus lead flow.
Kintent is a revenue-accelerating compliance platform that automates audit preparation, using natural language processing (NLP) and machine learning (ML) to auto-suggest security questionnaires. It then develops a live, attractive website and API that permits businesses to share and demonstrate compliance with their customers.
Kintents'' main objective is to reduce how a customer and supplier of software build trust between them, particularly in the areas of security and data privacy. The latest funding suggests the company has refined its business model and demonstrated its path to profitability. The series A stage is typically about expanding and developing a viable business model that can increase with future rounds of funding.
This suggestion is vital 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 investment is a bid to demonstrate that the company''s core product or service can be produced, will run as expected, and has a market.
Streamlining compliance, enabling revenue
Kintent was founded in 2020 by Sravish Sridhar (after the beginning of COVID-19), along with six other people with whom he had founded Kinvey, a subsidiary founded in 2017. The goal of Kintent was to provide a solid trust record, with the first use case being for information security and data privacy respect.
This type of tool that might be particularly useful for software-as-a-service (SaaS) companies that collect customer data or personal health information (PHI). This is accomplished by getting official compliance certifications or attestations to standards such as SOC 2, ISO 27001, HIPAA, GDPR, and others, as well as completeing security questionnaires as part of the sales process.
Trust Cloud, a software development platform, helps businesses to better understand how to become compliance with a given standard, measure the actual level of compliance, and provide recommendations on how to improve.
Kintents Trust Cloud begins by analyzing the state of your technology''s 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 sets up a list of best practices to stay in compliance with your chosen standard depending on how you categorize your data and ultimately, it gives the means to continue testing to verify what youve done and that youre remains in compliance.
I think the entire SaaS industry deserves a kick in the pants when it comes to security questionnaires and compliance. Today, the whole process is a bizarre absurdity. Sridhar said the majority of businesses are attempting to complete the security questionnaire process as quickly as possible by answering questions that indicate what the business client wants. Compliance is just not true today.
Kintent is used by CISOs in businesses to transform their security and compliance programs from a cost center to a revenue enabler. As a result, Kintent is built on explicit, tangible trust, in which programmatic trust is constant.
Mackey Craven, a leading investor in OpenViews IT business, said it''s rare to encounter a firm that is so well-positioned to transform a large business, such as governance, risk, and compliance.
Kintent is facilitating customer growth and experiencing significant recognition in the industry, while also building a more trusted community in which to do business.
Akshay Bhushan, a partner at Tola Capital, said he gained a firsthand understanding of Kintents'' ability to assist high-growth businesses across several industries in speeding their enterprise acquisitions.
The platform provides sales and operational leaders with the tools they need to deal with IT and security concerns ahead of time, or sales will be delayed by months. Kintent is adamant to help the Kintent team in their efforts to establish the Trust Cloud.
The compliance-as-a-service landscape
Kintent has a large range of customers, including atScale, BitSight, ChaosSearch, DataRobot, DesktopMetal, Evisort, Jeeves, Notarize, and Snyk.
Kintents'' AI and API-based automation combine sales and security protocols into one platform, enabling us to speed sales and maintain client trust. According to Andrew Smeaton, the CISO of DataRobot,
Kintent has won 87 percent of all competing offers in the last 12 months. Other competitive companies appear to be advertising check-the-box compliance. Their intention is to use autopilot and automation to obtain the bare minimum of proof required to obtain a compliance certification quickly.
One of our customers who visited some of our competitors jokingly called them SOC-in-a-Box Its also fascinating to see them compete in the market, using their venture capital funds to reduce prices every quarter. Even though Kintent costs more than our competitors, we still win because our customers prefer revenue-generating compliance that leads to sales rather than check-the-box compliance that only obtains a certification.
Kintent wants to transform the current state of affairs from check-the-box compliance to trust. A foundation of trust built on thorough, transparent and systematic compliance verification. It is working to create a future in which suppliers and customers may communicate security and compliance information with each other using APIs. As a result, Kintent will establish a world of transparent, measured trust, where business trust is constantly confirmed programmatically.