Art Coviello, former Chairman and CEO of RSA, joins RegScale Board of Directors.
RegScale, a leading continuous compliance automation software company with headquarters in Tysons Corner, VA and research and development in Knoxville, TN, announced the completion of a $20 million Series A funding round. 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 drive sales and marketing initiatives initially targeted in the company’s three primary markets—government, financial institutions, and energy and utilities—and accelerate product development to meet the needs of customers globally.
“RegScale is leading the way in ‘shifting left’ compliance to accelerate digital transformation programs, reduce risk, and lower the costs of manual compliance documentation while delivering rapid time-to-value which our customers are demanding,” said Anil Karmel, co-founder and chief executive officer, RegScale. “As such, we are launching the ‘RegOps’ [Regulatory Operations] Movement to help heavily regulated organizations evolve and improve compliance and trust at a faster pace than organizations using traditional compliance artifact development and compliance management processes.”
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Since the company launched 8 months ago, RegScale has recorded triple digit revenue growth with nearly 8,000 downloads of its freemium Community Edition platform and signing more than a dozen major customers for its Enterprise Edition platform. This new round of funding will also allow the company to expand operational support to meet growing customer demand.
“Cyber compliance has become a $10.5 trillion existential challenge, and major industry trends in technology are focused on new and innovative approaches to solve this complex and evolving dilemma for heavily regulated organizations,” said Art Coviello, Jr., investment committee chairman, SYN Ventures, and RegScale board member. “SYN Ventures exists to empower companies like RegScale that are succeeding in creating transformational and disruptive solutions that significantly reduce technology and compliance risk.”
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RegScale formally launched in November 2021 as an offshoot of digital transformation services company C2 Labs, to help organizations in heavily regulated industries continuously manage the massive year-over-year growth in their compliance burden. The company’s continuous compliance automation platform moves organizations from manual compliance approaches and processes to an API-centric, automated approach. Their next generation Governance, Risk and Compliance (GRC) platform integrates with existing security and compliance platforms, delivering evergreen compliance documentation while simultaneously visualizing compliance and operational risk to decision makers in real-time.
“At RegScale we believe that maintaining compliance as a business should be affordable, transparent, and easy,” said Travis Howerton, co-founder and chief technology officer, RegScale. “That is why we are dedicated to ensuring that our entire customer base is able to continuously comply with multiple requirements leveraging a scalable platform that can meet the needs of the entire organization, no matter the sector or industry.”
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