VIPC’s Virginia Venture Partners invests in RegScale
Richmond, Va., Feb. 22 12, 2022 (GLOBE NEWSWIRE) — Virginia Venture Partners (formerly CIT GAP Funds), the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in RegScale. RegScale, based in Arlington, Virginia, provides a continuous compliance automation software platform for highly regulated entities in the public and private sectors. RegScale is leveraging this investment to scale the business, accelerate innovation, and reduce the costs of manual compliance documentation to meet customer demand.
Many organizations use outdated compliance processes and tools, such as Word and Excel, to comply with regulations such as GDPR, NIST 800.53 rev5, and CMMC. However, due to the constant evolution of technology, these documents become obsolete as soon as they are created. RegScale was designed to help organizations in heavily regulated industries continuously manage the massive year-over-year growth in their compliance burden as they face fines that have reportedly increased by more than 500% these last years. The company’s Continuous Compliance Automation solution moves organizations from manual compliance approaches and processes to an automated, API-centric approach.
“To meet the laws and regulations of the 21st century, we set out to modernize compliance to evolve at the rapid pace of business,” said Anil Karmel, co-founder and CEO of RegScale. “We bring the principles of DevOps to compliance to solve the toughest compliance issues businesses face. RegScale’s mission is to free organizations from (digital) paper and transform compliance by helping organizations transform their manual and static compliance documentation and processes into a dynamic, automated and collaborative platform. We appreciate the support of VIPC’s Virginia Venture Partners in our first funding round and look forward to continued growth in 2022.”
Customers can integrate their existing security and compliance platforms with RegScale, supporting manual and automated real-time assessments to help organizations better understand and holistically manage compliance risks proactively. The platform’s collaborative capabilities enable all stakeholders and data owners in the compliance process to work together on a single platform to dramatically improve productivity and reduce costs. The burdens of collecting documents and meeting reporting requirements are significantly reduced for RegScale customers thanks to its API-centric approach.
“Cybersecurity and compliance are top of mind for heavily regulated organizations, and the founding team of RegScale has deep expertise in government regulations and the industries they affect,” said Tom Weithman, Chief Investment Officer of VIPC and Managing Director of Virginia Venture Partners. “Companies are moving at incredible speed to deliver innovation and value in a business environment that is becoming more complex every year. We see immense business value in the benefits of the RegScale platform, and we look forward to the impact they will have in this space.
In 2021, RegScale recorded over 5,000 downloads of its freemium community edition and signed five major customers for its Enterprise Edition platform. Early customers include the United States Air Force (USAF), the United States Department of Homeland Security (DHS), a Fortune 500 financial services company, and Johnson Controls Federal Systems, which uses RegScale to manage model certification compliance. Department of Defense Cybersecurity Maturity Certificate (CMMC).
Founded in 2021, RegScale provides continuous compliance automation for heavily regulated industries, freeing organizations from paperwork through its security and compliance automation software. Through its Continuous Compliance Automation Platform, RegScale helps organizations continuously meet any compliance obligation, including laws and regulations such as GDPR, NIST, CMMC and CCPA, leveraging a people-centric approach. the APIs. For more information, visit: https://www.regscale.com/.
About Virginia Venture Partners
Virginia Venture Partners, formerly CIT GAP Funds, is VIPC’s equity investment program that makes seed equity investments in Virginia-based companies in technology, clean energy and life sciences. life, with strong potential for rapid growth and generation of significant economic return. for entrepreneurs, co-investors and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million of capital in more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent third-party panel drew on the expertise of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators to opportunities. The not-for-profit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the economic development engine for commercialization and seeding in the Commonwealth that directs funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC works with local, regional, state and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF) | Commonwealth Marketing Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University partnerships | Mentoring and engagement of start-up companies. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn and Facebook.
RegScale meets the growing need for compliance automation solutions
VIPC’s Virginia Venture Partners Investment in RegScale Addresses Growing Need for Compliance Automation Solutions