Each technology vendor must pass client security scrutiny, which is generally a tedious 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 use the funds to expand its sales and product teams to serve its expanding customer base and surplus lead flow.
Kintent is a revenue-accelerating compliance platform that automates security compliance audit preparation, using natural language processing (NLP) and machine learning (ML) 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 between them, especially in the areas of security and data privacy. The latest research suggests the firm 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 critical 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 assistance demonstrates that the company''s primary product or service is capable of being manufactured, will perform as planned and has a market.
Streamlining compliance, enabling revenue
Kintent was founded in 2020 by Sravish Sridhar (after the introduction of COVID-19), alongside six other persons with whom he worked in his last company, Kinvey, which was acquired in 2017. Kintent was established with the objective of providing a trust record, with the first use case being for information security and data privacy compliance.
The software-as-a-service (SaaS) business that stores customer data or personal health information (PHI) is currently accomplished by receiving 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 company''s product, is a platform that allows you to identify how to become compliant with a given standard, measure the actual level of compliance and receive recommendations on how to improve.
The Kintents Trust Cloud begins by reviewing the system''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 provides a list of best practices to stay in compliance with your chosen standards depending on how you categorize your data and ultimately, it provides the means to continue testing to confirm what you have done and that you are still in compliance.
I believe that the whole SaaS sector needs a kick in the pants when it comes to security questionnaires and compliance. The majority of businesses perform the required tasks to simply tick this box and obtain compliance certifications, according to Sridhar. Today, every sales team is attempting to pass the security questionnaire process by responding to questions that indicate their view of the truth. Compliance is simply 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. In this way, Kintent is offering explicit, tangible trust, in which business trust is constantly confirmed programmatically.
Mackey Craven, a member of OpenViews tech industry angel investors, said it''s rare to discover a company that is in a position to transform a so large organization as governance, risk, and compliance (GRC).
Kintent is directly enabling the growth of their customers and recognizing great acceptance in the business, while also establishing a more trusted community in which to do business, according to Craven.
Akshay Bhushan, a partner at Tola Capital, has reinforced his firsthand knowledge of Kintents'' ability to assist high-growth businesses across several industries in making enterprise acquisitions faster.
The platform provides sales and operational leaders with the tools they need to deal with IT and security concerns ahead of time. Kintent will assist sales teams in their attempts to establish the Trust Cloud, according to Bhushan.
The compliance-as-a-service landscape
Kintent currently employs 25 people and is completely remote and evenly distributed. However, by the end of the year, the company hopes to have grown to 50-60 employees. Other Kintents customers include AtScale, BitSight, ChaosSearch, DataRobot, DesktopMetal, Evisort, Jeeves, Notarize, and Snyk.
According to Andrew Smeaton, the CISO for DataRobot, Kintents has a solid foundation for automation, which allows us to speed sales and maintain client trust.
Kintent has won 87 percent of all competing offers in the last 12 months. Other competitive companies are likely to be marketing check-the-box compliance. Their objective is to use automation to collect the bare minimum of proof needed to obtain a compliance certification promptly.
One of our customers who checked out some of our competitors jokingly called them SOC-in-a-Box It''s also troubling 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 gets a certification.
Kintent is working to create a future in which suppliers and customers may communicate security and compliance information with each other using APIs. Instead of zero-trust, Kintent will form a world of transparent, measureable trust. Programmatically, the firm''s current state of affairs is gradually transformed.