Art Coviello, the former chairman and CEO of RSA, has joined the RegScale board of directors.
TYSONS CORNER, Va., August 2, 2022
RegScale, a leading continuous compliance automation software business with a corporate headquarters in Tysons Corner, VA, and research and development in Knoxville, TN, has announced the completion of a $20 million Series A investment round led by SYN Ventures, including participation from SineWave Ventures, VIPCs Virginia Venture Partners, SecureOctane, and other key investors.
The investment will be used primarily to support sales and marketing initiatives initially targeted in the company's three main markets-government, financial institutions, and energy and utilities-and accelerate product development to meet the needs of customers worldwide.
RegScale is leading the way in shifting left compliance, accelerating digital transformation programs, reducing risk, and lowering the costs of manual compliance documentation, while providing rapid time-to-value which our customers are demanding.
RegScale has recorded triple digit revenue growth with nearly 8,000 downloads of its freemium Community Edition platform and signing over a dozen major customers for its Enterprise Edition platform. This new round of investment will allow the company to expand operational support to meet growing customer demand.
According to Art Coviello, Jr., investment committee chairman, SYN Ventures, and RegScale board member, cyber compliance has become a $10.5 trillion existential issue.
RegScale was formally launched in November 2021, as an offshoot of C2 Labs, a digital transformation services business, to help heavily regulated industries maintain robust compliance processes and processes while also displaying compliance and operational risks in real time.
RegScale's co-founder and chief technology officer believes that maintaining compliance as a business should be affordable, transparent, and straightforward. That's why we're dedicated to ensuring that our entire customer base is able to continuously comply with many requirements, no matter the sector or industry.
RegScale is a cloud-based compliance software that helps heavily regulated businesses save time and paper through its Continuous Compliance Automation platform. RegScale is designed to meet any regulatory requirement with 70+ compliance requirements such as NIST, ISO, SOX, and NERC-CIP supported out of the box and the ability for RegScale to digitize any regulation in under a week.
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