Hyperproof, a compliance software provider, today announced that it raised $16.5 million in series A funding led by Toba Capital at a $72.5 million post-money valuation. The company says that it’ll use the new capital to support product R&D and grow its headcount as it looks to expand to new markets.
The need for risk and compliance management solutions is increasing as companies move their operations to digital channels. More than 900 regulatory agencies issued a combined more than 200 regulatory updates every day, on average, in 2017. Unsurprisingly, many enterprises don’t feel equipped to address the challenges from a talent or technology standpoint. According to a survey from The Financial Times Group, 57% of senior-level executives rank “risk and compliance” as one of the top two risk categories they’re least prepared to address.