LogicGate, automated governance, risk and compliance (GRC) software, has collected $24.75m in a new funding round.
The capital injection was co-led by Jump Capital and High Alpha Capital, with additional support coming from Greenspring Associates and Silicon Valley Bank. With the close of the round, the RegTech has raised a total of $34m in equity funding.
Plans for the funds are to invest into new initiatives which will solve complex risk management challenges more holistically. This will include a boost in content, frameworks, data partnerships and additional integrations.
This investment comes just months after LogicGate revealed plans to hire an additional 170 staff members between now and 2021.
The Chicago-headquartered RegTech designs workflow automation software for GRC, enabling businesses to automate and operationalise compliance programmes through pre-built process templates.
Its solutions can aid enterprise and third-party risk management, incident management, GDPR compliance, audit management, policy management and information security risk.
Jump Capital managing partner and co-founder Michael McMahon said, “GRC has been stuck in the back office for too long. The next stage of GRC technology demands a flexible approach, where organizations can see real business value and impact across all departments.
“That’s why at Jump, we’re doubling down with our investment in LogicGate. As a forward-thinking, agile GRC platform, the potential for its veteran leadership and innovative engineering teams is exponential.”
The company’s previous investment round was a $7.5m Series A in 2018 from investors including Jump Capital and High Alpha, among others.
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