Information security and compliance-as-a-service platform Laika has closed an equity financing round on $10m.
The investment was led by Canapi Ventures, with additional contributions coming from previous Laika backers Bain Capital, NYCA Partners and Third Prime. Capital was also supplied by founders, CEOs and CTOs at Plaid, GLG, Flatiron Health, Shutterstock, and Quovo.
With the funds in the bag, the RegTech startup hopes to expand the size of its team, the platform’s capabilities and continuing its goal of simplifying the compliance and audit process.
The company helps businesses to manage compliance, get security certifications and improve trust in the marketplace. Its software platform automates processes within the audit management and compliance workflows, such as audit preparation, due diligence, vendor management and more.
In line with the deal, Laika has named Canapi Ventures partner Jeffrey Reitman as the latest member of its board of directors.
Reitman said, “Given our deep roots in banking and compliance, we’re thrilled to be leading Laika’s Series A. Compliance and 3rd-party oversight are becoming top priorities for technology vendors partnering with banks and large enterprises.
“Laika’s platform simplifies cumbersome compliance workflows and expedites slow audit processes. As a result, Laika has already become part of the core operating toolkit for businesses establishing internal compliance to help accelerate sales and partnerships with larger enterprises.”
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