Comp AI raises $34 million to advance AI-powered compliance software

Comp AI, a startup focused on compliance automation, announced it has secured $34 million in new funding to enhance its software designed to prepare companies for security audits. The company plans to use the funds to develop continuous monitoring capabilities that extend beyond the completion of an audit. This funding round aims to further the company's mission of streamlining the compliance process through artificial intelligence, as first reported by Silicon Angle.

The new funding will support Comp AI's development of software that reads a company's systems and documents to automatically draft policies and risk registers. The platform utilizes agents for onboarding, evidence gathering, control monitoring, and vendor security assessments. Comp AI's core platform is open source and supports frameworks like SOC 2 and ISO 27001, positioning itself as an alternative to competitors such as Vanta and Drata. The company intends to expand its offerings to include real-time monitoring, control validation, and security testing against customer applications and infrastructure, moving beyond audit readiness into broader cybersecurity.

This expansion is driven by the increasing speed of attacks and the need for AI to not only track but also perform compliance work and adapt to changing risks. Comp AI, incorporated as Bubba AI Inc., has seen its annual recurring revenue increase 15 times over the past year. The Series A round was led by Roo Capital and Grand Ventures, bringing the company's total funding to $36.6 million.

Source: Silicon Angle