VComply, a GRC management platform, has netted $2.5m in its Seed funding round led by US-based venture capital firm Accel.
The investment will further the company’s product development and global expansion plans, particularly in Europe. VComply is currently looking to develop a European office in the UK to support its rising local clientele.
VComply, based in Silicon Valley, has built a cloud-based governance, risk and compliance (GRC) solution to streamline operations management, third-party management, auditing and compliance processes. Since launching in 2016, the company has grown its client base to more than 4,000 users across 100 countries.
Its technology standardises compliance tasks through a central management dashboard which can be accessed through desktops or mobiles. A client can assign responsibility for hundreds of regulatory requirements to individuals and departments across the business to ensure easy compliance.
To help keep a team on top of their compliance requirements, the VComply solution conducts Diligence Scores to show what needs to be completed, and updates a compliance calendar to ensure everything will be handled on time.
Accel partner Dinesh Katiyar said, “The first generation of GRC solutions primarily allowed companies to comply with industry-mandated regulations. However, the modern enterprise needs to govern its operations to maintain integrity and trust and monitor internal and external risks to stay successful.
“This is where VComply shines, and we’re delighted to be partnering with a company that can redefine the future of enterprise risk management.”
Last month, Accel led the $40m Series B round of data privacy company Privitar. The London-based company builds solutions designed to help protect data while helping an institution derive insights from the information.
