The company announced on Wednesday that it has raised $40 million in a Series B round of funding, with plans to use the fresh capital for product development and to build new business partnerships.
AuditBoard’s platform helps large companies manage audit and compliance work more efficiently, providing solutions for workflow management, risk management and operational audits.
“Our company was founded on a simple vision: Businesses want an easy-to-use, comprehensive and integrated tool to help them report and manage all their audit and compliance activities, and to manage risk,” Daniel Kim, AuditBoard’s CEO said in a statement announcing the deal. “Today, too many auditors are cobbling together different tools to do this, including old-fashioned spreadsheets, and it is hurting the quality of internal controls.”
Too many auditors are cobbling together different tools to do this, including old-fashioned spreadsheets, and it is hurting the quality of internal controls.”
According to the release, companies from various industries — including Spirit Airlines, TripAdvisor, Lululemon and Express Scripts — rely on AuditBoard’s software.
Investment firm Battery Ventures led the round and Battery General Partner Michael Brown will join AuditBoard’s board of directors.
“We’re very excited to work with Battery, which has invested in many other financial-tech companies, to continue AuditBoard’s expansion, including launching new products and building our partner network,” said Jay Lee AuditBorad’s president.
AuditBoard was founded in 2014 by childhood friends and former PwC and EY auditors Daniel Kim and Jay Lee.