Funding for SaaS startup: Chennai-based auditing and risk analysis Sofware-as-a-Service (SaaS) startup AuditCue, on Tuesday, announced that it has raised $1.5 million in seed funding led by the venture capital fund Kalaari Capital. Other participants in the funding round included Java Capital and other angel investors from San Francisco. According to the release, the startup plans to invest the funds towards product development, go-to-market strategy, and hiring more engineers for the team.
Found in 2022, the company operates and streamlines all the projects in the audit cycle. The platform is instrumental in risk assessment, and speeding up the audit process. It provides a simplified user experience that makes it easier to use for auditors.
Gaurav Kulkarni, Co-founder & CEO, Auditcue said, “AuditCue is built for CISOs in regulated markets who keep pace with multiple compliance regimes. We are transforming the risk & audit experience for our customers to make audits seamless. With this funding round, we aim to expand further into our primary geographic markets of North America, India & EU.”
As per the report, AuditCue is working towards continuously improving its product by consulting with industry experts and gearing up to open access to their solutions for the companies.
Vani Kola, Founder & Managing Director, Kalaari Capital, said, “The $120B global audit and the GRC market is ripe for disruption with new-age tools. The founding team brings complementary skills and we are excited to back their vision.”
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In 2023, the SaaS industry was valued at $197.29 billion, which is further expected to reach $232 billion by 2024, according to the data platform Statista. An Audit SaaS platform helps businesses find and fix financial errors, track expenses, and ensure there are no mistakes in maintaining the books.
According to the Companies Act 2013, it is a mandatory requirement for a company to conduct an audit irrespective of its turnover or nature.