Onspring, a software as a service (SaaS) platform that specialises in governance, risk, and compliance (GRC), has successfully raised a strategic round of funding.
The automated SaaS GRC software platform delivers no-code connection across an enterprise, offering an innovative and integrated solution for businesses.
This round of investment was provided by Capital IP, a strategic partner set to bolster Onspring’s future growth. The funding is earmarked for various improvements, including platform enhancements in artificial intelligence (AI), integrations, and user experience, as well as new product development. The ultimate goal is to accelerate market share growth in the burgeoning GRC sector.
Onspring is a versatile platform that automates critical risk and compliance activities such as mapping policies to controls, findings, regulations, and governance frameworks. It also triggers workflows for remediation activities and provides real-time data visualisation for accurate reporting and faster, more informed decision-making.
The newly secured funding is planned to drive significant expansion, both in terms of product development and team growth. Onspring plans to add to its engineering, sales development, and customer success teams, all while maintaining its ongoing focus on product suite enhancement and optimal customer experience.
Additional news from Onspring includes their recent entry into the federal market, signified by a FedRAMP In Process designation. This follows three new product releases within the past year, all aimed at fulfilling market demand and providing comprehensive governance, risk, and compliance program solutions.
Onspring co-founder Chris Pantaenius stated, “Our focus on consistent and responsible growth has fueled our financial strength and ability to deliver ROI for customers.” His fellow co-founder, Chad Kreimendahl, highlighted that these plans to dramatically accelerate Onspring’s growth create opportunities for bigger product development bets aimed at revolutionising the GRC market.
Capital IP’s Managing Partner Riyad Shahjahan also shared his enthusiasm for the partnership, stating, “Onspring’s history of consistent profitable growth and efficient unit economics in an attractive and growing market was a compelling investment thesis and drove our decision to partner with Chris, Chad, and team.”
The SaaS platform, founded in 2013, has a history of previous financial success, consistently outperforming the SaaS Rule of 40, which indicates a healthy growth rate combined with profitability.
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