anecdotes, the first operating system (OS) for compliance, today announced the closure of $25 million in Series A funding led by Red Dot Capital Partners. The round also included participation from Vintage Investment Partners, Shasta Ventures, Glilot Capital Partners, and Aleph. As part of this round, Barak Salomon and Atad Peled of Red Dot will join anecdotes’ Board of Directors.
All companies must ensure compliance in one form or another. Companies need to comply with certain laws, rules, and regulations, as well as internal codes of conduct, policies, and procedures. Monitoring compliance is crucial for it ensures that organizations are meeting their necessary obligations. For fast-growing companies, meeting these needs is very challenging because the requirements and infrastructure are evolving regularly, thus making the task very complex.
Despite the added scrutiny on data privacy and protection and newly added regulations over the last several years, 75% of compliance leaders say they still lack the confidence to effectively run and report on program outcomes. What’s more, is that it is estimated that 87% of compliance leaders struggle to deliver against the continually increasing expectations with their current resources. 50% of organizations said they spend 6-10% of their revenue on compliance costs. Why is this the case? Because most compliance leaders rely on basic and outdated technology like spreadsheets or tedious manual labour to manage critical infrastructures and postures; often, the bare minimum of taking screenshots, working out of spreadsheets, and manually ticking boxes is what compliance leaders rely on for their compliance needs. These methods are not scalable, they enable only basic requirements to be met, and offer no customization that could facilitate a company’s growth. As compliance is such a critical foundation to reliable security and privacy postures, this out-of-date industry needs a serious revamp.
Compliance leaders looking to replace their outdated, manual methods can do so with anecdotes, the first operating system for compliance. It allows users to easily meet new compliance milestones and maintain a strong posture, without wasting valuable resources. Its platform continuously monitors, collects, and maps data from dozens of the most often-used systems and tools, including AWS, Snowflake, Cloudflare, GitHub, Datadog, and more. That data is then leveraged to power various applications for virtually any compliance need such as audit management, risk analysis, policies, and customer evidence. For example, being able to easily organize, manage, maintain, and monitor policy with automation and configuration; fully manage audits in a shared workspace with your auditor and stakeholders; define, assess, and monitor your risks based on real data collected from your company’s various SaaS tools and cloud environments, in a single workspace, will save you and your company money and time.
At the end of the day, anecdotes’ platform serves as a home base for everything compliance-related, at every stage; they increase confidence and remove uncertainty in your processes with proactive compliance posture management. Whether it be for daily tasks or audit-specific work, the anecdotes Compliance OS has everything you need to successfully take your program to the next level and own your compliance journey.
New funds, new heights
Since February 2021, when anecdotes raised $5 million in seed funding, they saw a 175% increase in hypergrowth and post-IPO commercial customers. The company added 70 integrations with identity providers, security tools, collaboration software, ticketing, and cloud infrastructure platforms. With the capital raised in their Series A, here’s hoping that their growth continues. The funding will primarily be used to continue the development of new applications for anecdotes’ Compliance OS platform, specifically tailored to the needs of fast-growing companies.
anecdotes was founded in 2020 by Yair Kuznitsov (CEO), Roi Amior (CPO), and Eitan Adler (CTO). To date, they have raised $30 million. Notable clients include Similarweb, Riskified Fiverr, and Unity.
