AuditBoard raises $40M in funding

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AuditBoard, a company that develops cloud-based auditing software, has raised $40 million in a second round of funding led by Battery Ventures.

The company, based in Cerritos, California, said that as part of the Series B investment, Battery Ventures general partner Michael Brown will be joining its board. The company previously received $3.6 million in a Series A round last year and seed funding in 2015 from Mucker Capital and Wavemaker Partners, according to Crunchbase.

AuditBoard was founded in 2014 by a pair of former Big Four auditors, Daniel Kim from PricewaterhouseCoopers and his childhood friend Jay Lee from Ernst & Young.

“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,” Kim said in a statement. “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.”

AuditBoard plans to use the extra funding to support product development on the company’s audit, compliance, enterprise risk management and cyber-risk management tools, accelerate sales and marketing, and build new business partnerships and integrations. Its customers include TripAdvisor, Lionsgate, Lululemon, HD Supply, Exelon, TrueCar, Express Scripts and Spirit Airlines.

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