Continuous compliance automation software platform RegScale has closed its Series A round on $20m.
The investment was led by SYN Ventures, with contributions also coming from SineWave Ventures, VIPC’s Virginia Venture Partners, SecureOctane and other strategic investors.
With the funds, RegScale plans to bolster its sales and marketing initiatives, with a focus on financial institutions, energy and utilities, and government sectors. RegScale also plans to accelerate its product development efforts and operational support to meet the needs of customers globally.
Founded in 2021, RegScale originally launched as an offshoot of digital transformation services company C2 Labs to help organisations in heavily regulated industries continuously manage the massive year-over-year growth in their compliance burden.
Based in Virginia, RegScale offers a continuous compliance automation platform that moves organisations from manual compliance approaches and processes to an API-centric, automated approach. Its governance, risk and compliance platform integrates with existing security and compliance platforms, providing evergreen compliance documentation, whilst simultaneously visualising compliance and operational risk to decision makers in real-time.
Since its launch eight months ago, RegScale has recorded triple digit revenue growth, with nearly 8,000 downloads of its platform.
RegScale co-founder and CEO Anil Karmel said, “RegScale is leading the way in ‘shifting left’ compliance to accelerate digital transformation programs, reduce risk, and lower the costs of manual compliance documentation while delivering rapid time-to-value which our customers are demanding.
“As such, we are launching the ‘RegOps’ [Regulatory Operations] Movement to help heavily regulated organisations evolve and improve compliance and trust at a faster pace than organisations using traditional compliance artefact development and compliance management processes.”
The RegTech company closed a $1.5m funding round in December 2021 alongside its launch into the market. Virginia Innovation Partnership Corporation and New Dominion Angels were among the investors.
SYN Ventures recently closed a $300m investment fund, which is aimed at cybersecurity startups.
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