SYN Ventures has lead a $20 million Series A funding round in RegScale, a continuous compliance automation software company.
SineWave Ventures, VIPC’s Virginia Venture Partners, SecureOctane and several strategic investors also participated in the round.
The funding will primarily be used to drive sales and marketing initiatives initially targeted in the company’s three primary markets — government, financial institutions, and energy and utilities — and accelerate product development to meet the needs of customers globally.
Since the company launched eight months ago, RegScale has recorded triple digit revenue growth with nearly 8,000 downloads of its freemium Community Edition platform and signing more than a dozen major customers for its Enterprise Edition platform. This new round of funding will also allow the company to expand operational support to meet growing customer demand.