TYSONS CORNER, Va.–(BUSINESS WIRE)–RegScale, a leading provider of continuous compliance automation software headquartered in Tysons Corner, VA and research and development in Knoxville, TN, today announced the completion of a funding round $20 million Series A Series. This funding round was led by SYN Ventures with participation from SineWave Ventures, VIPC’s Virginia Venture Partners, SecureOctane and several strategic investors.
The funding will primarily be used to boost sales and marketing initiatives initially targeted at the company’s three primary markets—government, financial institutionsand energy and utilities—and accelerate product development to meet customer needs globally.
“RegScale is leading the way in ‘left-shifted’ compliance to accelerate digital transformation programs, reduce risk and reduce the cost of manual compliance documentation while delivering the fast time-to-value our customers demand,” said Anil Karmel, co-founder and CEO of RegScale. “As such, we are launching the ‘RegOps’ [Regulatory Operations] Movement to help heavily regulated organizations scale and improve compliance and trust at a faster rate than organizations using traditional compliance artifact development and compliance management processes.
Since launching the company 8 months ago, RegScale has seen triple-digit revenue growth with nearly 8,000 downloads of its freemium Community Edition platform and the signing of more than a dozen major customers for its platform. Enterprise Edition. This new round of financing will also allow the company to expand its operational support to meet growing customer demand.
“Cyber compliance has become a $10.5 trillion existential challenge, and major industry trends in technology are focusing on new and innovative approaches to solving this complex and evolving dilemma for heavily regulated organizations. “said Art Coviello, Jr., Chairman of the Investment Committee, SYN Ventures. , and board member of RegScale. “SYN Ventures exists to empower companies like RegScale that succeed in creating transformational and disruptive solutions that significantly reduce technology and compliance risk.”
RegScale was officially launched in November 2021 as a subsidiary of digital transformation services company C2 Labs, to help organizations in highly regulated industries to continuously manage the massive year-over-year growth in their workload. compliance. The company’s Continuous Compliance Automation Platform moves organizations from manual compliance approaches and processes to an automated, API-centric approach. Their next-generation governance, risk, and compliance (GRC) platform integrates with existing security and compliance platforms, providing up-to-date compliance documentation while simultaneously visualizing compliance and operational risk for decision makers in real time.
“At RegScale, we believe maintaining compliance as a business should be affordable, transparent and easy,” said Travis Howerton, Co-Founder and Chief Technology Officer, RegScale. “That’s why we are committed to ensuring that all of our customers are able to continuously comply with multiple requirements by leveraging a scalable platform that can meet the needs of all organization, regardless of sector or industry.”
Founded in 2021, RegScale provides continuous compliance automation for heavily regulated industries, freeing organizations from paperwork through its security and compliance automation software. With its continuous compliance automation platform, RegScale is designed to meet any regulatory requirement with Over 70 compliance requirements such as NIST, ISO, SOX, CMMC and NERC-CIP supported and the ability for RegScale to scan any regulation in less than a week. For more information visit: https://www.regscale.com/.