RegTech 100 company LogicGate has collected $7.5m funding to support the addition of 50 positions in its Chicago office.
The Series A was led by Jump Capital, with participation coming from High Alpha and other existing backers.
As part of the transaction, Jump Capital managing partner Michael McMahon, and High Alpha co-founder and partner Mike Fitzgerald, will join LogicGate board of directors. Alongside this, High Alpha managing partner Scott Dorsey will serve as an advisor to the company.
Chicago-headquartered LogicGate is a workflow automation software platform for governance, risk, and compliance provider. Its SaaS platform enables businesses to automate and operationalise complex manual risk and compliance programs through pre-built process templates for things like enterprise risk management, controls testing, and third-party risk assessments.
Solutions available are enterprise and third-party risk management, incident management, GDPR compliance, audit management, policy management and information security risk. Integrating these solutions is completed by a drag-and-drop interface, without any coding. This system speeds up implementation but also lowers costs that come with legacy GRC platforms.
The capital injection will be used to bolster its team, with the creation of 50 new positions in its Chicago office by 2019. These new roles will be across the engineering, product, marketing, sales, and customer success departments.
Jump Capital managing partner Michael McMahon said, ?With a rapidly changing regulatory landscape, the need for GRC workflow automation will only continue to grow. We view LogicGate’s highly configurable and scalable platform as perfectly positioned to solve the automation challenge for enterprises of all sizes across a broad range of governance, risk, and compliance use cases.”
This burst of funding brings LogicGate total investments since launch in 2015 to $9.4m.
Last year, LogicGate was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review an essential, in-depth analysis of the global RegTech market.
Copyright ? 2018 FinTech Global