Compliance automation startup Strike Graph has launched with a $3.9 million seed funding round, according to a press release.
Madrona Venture Group led the round with participation from Amplify.LA, Revolution’s Rise of the Rest Seed Fund and Green D Ventures, according to the release.
The new capital will help Strike Graph hire more engineering and cybersecurity positions. The company aims to eliminate the confusion related to cybersecurity audit and certification processes by assisting companies in scoping correctly-sized audits and dynamically adjusting controls. It also works to automate the process for annual review, with “monthly, quarterly and yearly monitoring, backups and encryption,” according to the release.
The company was founded by Justin Beals and Brian Bero, serial entrepreneurs with expertise in artificial intelligence (AI), cybersecurity and governance, in partnership with Madrona Venture Labs.
“Security certifications allow companies to prove they can be trusted to protect shared data that is a required part of doing business,” Beals said in the release. “The Strike Graph platform helps companies identify the appropriate controls, conduct their risk assessments, and then automate the maintenance of auditable cybersecurity certifications.”
Chief financial officers (CFOs) have been having a tough time amid the pandemic. In the CFO’s Guide To Digitizing B2B Payments, PYMNTS reported that only 14 percent of respondents to a recent survey were prepared to let finance teams work from home at the time the pandemic hit in mid-March.
Meanwhile, another 75 percent said they had to make drastic changes in order to accommodate the work-from-home shift.
Nowadays, CFOs have to make decisions that help to secure sensitive workplace information and protect against money moving so quickly it can’t be recovered.
“The cybersecurity and fraud risks facing companies during the pandemic are likely to become more sophisticated as bad actors seek to take advantage of this year’s disruptions,” the report stated.
