With $40 million for AuditBoard’s risk and compliance toolkit, LA’s enterprise startups notch another win
Summary
Daniel Kim and Jay Lee, the two founders of AuditBoard, a Los Angeles-based provider of a risk and compliance software service for large businesses, grew up middle school friends in Cerritos, Calif. For Kim, the frustration that systems for accounting for risk and compliance — requirements under the Sarbanes-Oxley Act passed in 2002, were still little more than Excel spreadsheets tracking information across different business lines. IBM has OpenPages and ThomsonReuters developed a tool for audit and risk and compliance, but these software services pre-dated Sarbanes-Oxley, and were not made with a modern organization in mind, according to Lee and Kim. The company counts major clients like TripAdvisor, Lululemon, HD Supply, Express Scripts and Spirit Airlines, among its roster of customers, and will use the funding led by Battery to further expand its sales and marketing and product development efforts. “We have invested before in similar companies that sell technology to CFOs — ranging from Avalara* and Intacct* to Outlooksoft* and Bonfire*– and we are excited to partner with Daniel, Jay and their team, who have already built a significant business in a short amount of time.” AuditBoard raised a small seed round from friends and family, and followed that up with Donnelly Financial Solutions, a strategic investor that partnered with AuditBoard in 2017 to further develop its Securities and Exchange Commission reporting and Sarbanes-Oxley toolkit.
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