New York-based complete compliance provider platform Laika has secured $50 million in Series C funding led by Fin Capital. The funding round also witnessed participation from new investor Centana Growth Partners and existing investors, including J.P. Morgan Growth Equity Partners, Canapi, and ThirdPrime.
The most recent investment round raises Laika’s overall funding to $98 million. The money will help the company support its ongoing product development and speed up sales, marketing, and strategic alliances.
“As a two-time founder, I’ve seen digital compliance become a serious blocker for founders and innovators. But beyond blockers are the potential risks, including serious financial, reputational, and even criminal penalties,” said Austin Ogilvie, co-CEO of Laika.
Laika creates a seamless end-to-end compliance management and audit experience
Buyers today expect their software vendors to demonstrate compliance, making SOC 2 a must-have for all stages of technology companies.
Startups need compliance automation software combined with expert guidance to help minimize complexity and make intelligent decisions that will scale as they grow to navigate an increasingly complex web of InfoSec frameworks and standards.
“Laika has filled a unique gap in the rapidly-growing compliance automation and audit management space by providing the only comprehensive, centralized compliance platform,” said Christian Ostberg, Partner at Fin Capital.
To make compliance accessible and inexpensive, Laika is the only solution that combines a sophisticated compliance automation platform with integrated auditing, penetration testing, and professional assistance. Utilizing Laika, companies increase their customer base and gain more business.
“By combining automation of InfoSec workflows with the integrated, tech-enabled audits, Laika has set themselves as the clear market leader shaping this fast-growing category,” added Christian Ostberg.
Laika’s user base swells by 1000 percent
The information security compliances for SOC 2, ISO 27001, GDPR, HIPAA, and other standards are made simple and automated by Laika, a company founded by Austin Ogilvie, Sam Li, and Eva Pittas.
Laika increased employee headcount by 50 percent and its active user base by more than 1000 percent to encourage acceptance and expansion over the past year. An integrated IT audit is included in 87 percent of Laika clients’ subscription packages, demonstrating the strength of the company’s value proposition. Customers of Laika typically complete SOC 2 audits 60 percent more quickly and in weeks rather than months.
“Laika mitigates these risks by marrying automation best practices in software development with principled fundamentals borne from audits in finance. This funding gives us the resources to dial up our partnerships and platform strategy, grow our sales organization, and invest in marketing to broaden our audience reach and enable more customers to reach these critical compliance objectives,” said Austin Ogilvie.