Pravin Kothari founded Agiliance secures $10 Mn
Date: Friday , August 01, 2008
The Pravin Kothari founded Agiliance, a provider of IT governance, risk, and compliance (IT GRC) solutions has secured $10 million series B funding, and is betting on to beef up its position in the IT GRC space.
“As the companies are spending a lot of money and time on tools, staff, projects, and consultants to meet the growing compliance demands, they are now making a shift to automate the process. Moreover, the analysts’ prediction about an exponential growth in the next 5-7 years in IT has generated VC interest,” says Kothari, Chief Technology Officer at Agiliance. Envisioning the growth in this space, Castile Ventures who led the round of funding, was joined by existing investors like Walden International, Intel Capital, and Red Rock Ventures.
Nina Saberi, Managing General Partner of Castile Ventures, who joined the Board of Directors of Agiliance said, “IT GRC is fast becoming a strategic imperative as enterprises seek to manage the risks inherent in their IT infrastructure and to fully leverage their existing security and compliance infrastructure.”
Gartner predicts that the industry will continue to grow aggressively with a 70 percent increase in market size in 2008 alone. “We anticipate that this market will quickly grow from a $100 million market today to a $1 billion market within a few years,” says Kothari. Headquartered in San Jose with 50 employees worldwide, Agiliance is charged to drive the industry in delivering innovative IT GRC products that align security investments and compliance controls directly with business objectives.