Hyperproof, a software as a service (SaaS)-based risk and compliance management company, has raised $40m in growth investment.

The financing round was led by Riverwood Capital, a private equity firm focused on high-growth technology and related companies. It also had participation from existing investor Toba Capital.

Riverwood Capital partner Ramesh Venugopal said: “Hyperproof’s cloud-based platform is well positioned to replace outdated enterprise infrastructure that drains a company’s time and resources, has limited integrations, and doesn’t provide the workflow optimization tools companies need to stay compliant.

“We are excited to partner with Hyperproof on their mission to help companies differentiate themselves with complete visibility into their compliance postures.”

Hyperproof will utilise the capital to broaden its enterprise-grade offerings and build new technologies with advanced heuristics and artificial intelligence (AI) for automating manual processes and scaling compliance and risk workflows.

Based in the US, Hyperproof offers a 360-degree insight into the risk and compliance posture of companies along with ensuring stronger collaboration across teams and bringing down inefficiencies that affect companies as they grow.

Hyperproof’s platform allows teams to attain full visibility into their organisational risks, optimise the audit process, and lower their continuously increasing compliance workloads, all within a single place.

It supports more than 85 widely applicable and industry- and state- specific frameworks including SOC 2, ISO 27001, NIST CSF, FedRAMP, NIST 800-53, GDPR, CCPA, HIPAA, and others.

According to Hyperproof, its customer base has tripled since 2022 and includes companies like Motorola, Nutanix, Reddit, Applovin, and Veeva Systems.

Hyperproof CEO and founder Craig Unger said: “The Hyperproof platform delivers the flexibility, customisation, powerful reporting, scalability, and workflow optimisation our customers need to get ahead of compliance requirements and stay relevant.

“We at Hyperproof are tireless champions of our customers, prioritising their needs in every decision we make. This round of funding will empower us to grow alongside our customers and continue to offer them innovative new capabilities to meet their ever-evolving enterprise needs.”