AuditBoard, a Los Angeles, CA-based cloud-software platform for enterprises to handle critical risk, audit and compliance work, raised $40m in Series B funding.
The round was led by global investment firm Battery Ventures. As part of the transaction, Battery General Partner Michael Brown will join AuditBoard’s board of directors.
The company intends to use the funds to continue product development, increase sales and marketing efforts and build new business partnerships.
Founded in 2014 by former PwC and EY auditors Daniel Kim and Jay Lee, AuditBoard provides a cloud-based platform that allows enterprises to automate, collaborate and report in real-time on critical risk, audit and compliance workflows. The company offers a suite of audit management and compliance solutions for SOX, controls management, operational audits, ERM and workflow management.
AuditBoard serves customers across industries, ranging from private, pre-IPO companies to Fortune 500 clients, including TripAdvisor, Lululemon, HD Supply, Express Scripts and Spirit Airlines.