Automated governance, risk and compliance (GRC) platform LogicGate has secured $8.75m in a growth capital round from Greenspring Associates and Silicon Valley Bank.
The equity will enable the company to continue its growth trajectory. Over the past year, significant customer demand for its services has helped grow its revenue by over 100%.
To support its growth, LogicGate is looking to expand across Europe.
LogicGate, which is headquartered in Chicago, designs workflow automation software for GRC, enabling businesses to automate and operationalise compliance programmes through pre-built process templates.
Its tools can support enterprise and third-party risk management, incident management, GDPR compliance, audit management, policy management and information security risk.
LogicGate CEO Matt Kunkel said, “2020 showed just how important GRC is because of business disruption and exposure to new risks.
“This validates our mission, and I’m more confident in the LogicGate team and our product than ever. We saw some amazing milestones in 2020, like the launch of the LogicGate Power User Certification Program, the Risk Crowd User Community, and our first user conference, Agility. We’re helping more customers turn risk into a strategic advantage, and we’ll continue evangelizing this as LogicGate’s mission through 2021.”
This equity injection brings LogicGate’s total capital raised to over $40m. The RegTech previously bagged $24m late last year from Jump Capital, High Alpha Capital, Greenspring Associates and Silicon Valley Bank.
Copyright © 2018 RegTech Analyst