- LogicGate, the cloud software solutions company, recently announced the news about raising USD 8.75 million
- The funds were raised in growth capital from Silicon Valley Bank and Greenspring Associates
LogicGate, a cloud software solutions enterprise involved in automating governance, risk, and compliance (GRC) processes via its Risk Cloud Platform, recently raised an impressive USD 8.75 million in growth capital from Silicon Valley Bank and Greenspring Associates.
The funding round is focused on driving LogicGate’s growth path as the business revenue grew by more than 100% last year, powered by significant customer demand for the Risk Cloud Product.
With this growth capital funding by Greenspring Associates, LogicGate has managed to reach USD 40 million in total funding. And this infusion will support LogicGate’s efforts in its partner and customer developments in the form of a brand new GRC ecosystem for customers, partners, and prospects to explore comprehensive Risk Cloud offerings and build an ideal risk program and focus on leading the market in risk quantification features. The funding will also power LogicGate’s expansion plan into the European markets.
What did LogicGate add in 2020?
This year, LogicGate, the cloud solutions leader focused on GRC, made developments to the Risk Cloud platform by adding native integrations with Slack, Jira, and Okta, to the integrations suite.
Additionally, the company multiplied its library of out-of-the-box applications by two and facilitated its customers to rapidly implement ideal GRC processes. LogicGate, along with other amendments accompanied by user interface upgrades and customer success initiates, has led to a 300% increase in monthly active users and a 20% growth in average applications used per customer.
The expert’s take
LogicGate CEO Matt Kunkel said, “While compliance is non-negotiable, having a platform for it didn’t feel like a priority. Until now. Organizations are realizing that investing in a GRC platform is essential and that they’re not all archaic. Platforms like the Risk Cloud stand out because they’re flexible enough to be completely custom but also have pre-built content, frameworks and workflows. This combination of approaches to software enables enterprises to work efficiently and supercharge more processes than ever before.”
A key quote
“2020 showed just how important GRC is because of business disruption and exposure to new risks. This validates our mission, and I’m more confident in the LogicGate team and our product than ever. We saw some amazing milestones in 2020, like the launch of the LogicGate Power User Certification Program, the Risk Crowd User Community, and our first user conference, Agility. We’re helping more customers turn risk into a strategic advantage, and we’ll continue evangelizing this as LogicGate’s mission through 2021,” added Matt Kunkel.