17 December 2019:
Agile based automation platform LogicGate has raised $24.75 million in Series B round of funding. The round includes a combination of equity and venture debt co-led by Jump Capital and High Alpha Capital.
Greenspring Associates and Silicon Valley Bank also participated in the funding round.
The company will use the fresh capital to continue empowering risk and compliance professionals to drive business value with its flexible, easy to use platform.
The company will aggressively invest in initiatives to solve complex risk management challenges more holistically, including investments in content, frameworks, data partnerships and additional integrations, the company said in a statement.
Matt Kunkel, CEO, LogicGate, siad, “This funding round is a testament to the continued belief of our investors in the future of LogicGate and what we’re building. Combined with Emily Heath’s addition to the board, the investment underscores the fact that the market is ready for a flexible GRC solution that helps risk, compliance and security professionals make strategic, informed choices every day.”
Emily Heath, LogicGate board member, and Chief Trust and Security Officer at DocuSign, said, “The risk and compliance software market is reaching new heights. As risk mitigation strategies trend from reactive to proactive, organizations are looking for the right technology to support a single source of truth across all departments. LogicGate is poised to break through the market as an agile GRC platform that does just that.”
Michael McMahon, Managing Partner and Co-Founder, Jump Capital, 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.”
(Image – LogicGate)