The RegScale platform allows companies to digitize any compliance requirement, transform audit evidence to reuse across multiple standards and frameworks, and output continuously compliant documentation on demand
RegScale Supports Growing Needs for Compliance Automation Solutions
VIPC’s Virginia Venture Partners Investment in RegScale Supports Growing Needs for Compliance Automation Solutions
Richmond, Virginia, Feb. 22, 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. Arlington, Va.-based RegScale delivers a continuous compliance automation software platform for highly regulated public and private sector entities. RegScale is leveraging this investment to scale the company, accelerate innovation and lower the costs of manual compliance documentation to meet customer demand.
Many organizations are using out-of-date compliance processes and tools, such as Word and Excel, to meet regulations such as GDPR, NIST 800.53 rev5, and CMMC. However, due to ever-changing technology, these documents become out of date the moment they’re created. RegScale was built to help organizations in heavily regulated industries continuously manage the massive year-over-year growth in their compliance burden as they deal with fines that have reportedly increased more than 500% in recent years. The company’s continuous compliance automation solution moves organizations from manual compliance approaches and processes to an API-centric, automated approach.
“To address twenty-first-century laws and regulations, we set out to modernize compliance to move at the rapid speed of business,” said Anil Karmel, Co-Founder, and CEO, RegScale. “We are bringing the principles of DevOps to compliance to solve the most difficult compliance headaches that companies face. RegScale’s mission is to free organizations from (digital) paper and transform compliance by helping organizations transition their manual, static compliance documentation and processes into a dynamic, automated, and collaborative platform. We appreciate the support of VIPC’s Virginia Venture Partners in our early funding round and look forward to continued growth in 2022.”
Customers can integrate their existing security and compliance platforms with RegScale, supporting both manual and real-time automated assessments to help organizations better understand and holistically manage compliance risks in a proactive manner. The collaborative capabilities of the platform allow all stakeholders and data owners in the compliance process to work together in one platform to dramatically improve productivity and lower costs. The burdens of collecting documentation and fulfilling reporting requirements are significantly reduced for RegScale customers via its API-centric approach.
“Cybersecurity and compliance are top of mind for heavily regulated organizations, and the RegScale founding team has deep expertise in government regulations and the industries they affect,” said Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. “Companies are moving at incredible speed to deliver innovation and value in a business environment that grows increasingly complex year over year. We see immense business value in the benefits of the RegScale platform, and look forward to the impact they will make in this space.”
In 2021, RegScale had more than 5,000 downloads of its freemium Community Edition and signed on five major customers for its Enterprise Edition platform. Early customers include the U.S. Air Force (USAF), U.S. Department of Homeland Security (DHS), a Fortune 500 financial services company, and Johnson Controls Federal Systems, which is using RegScale to manage compliance to the Department of Defense’s Cybersecurity Maturity Model Certification (CMMC) standard.
About RegScale
Founded in 2021, RegScale delivers continuous compliance automation for heavily regulated industries, freeing organizations from paper via 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 an API-centric approach. For more information, visit: https://www.regscale.com/.
About Virginia Venture Partners
Virginia Venture Partners, formerly CIT GAP Funds, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a 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 in capital across 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 has drawn from 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 with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates 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 Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.
Attachments
CONTACT: Angela Costello, VP of Communications & Marketing Virginia Innovation Partnership Corporation (VIPC) 7578706848 angela.costello@VirginiaIPC.org
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