LogicGate today announced the completion of a $1.9 million round of financing with participation from OCA Ventures, Chicago Ventures, Hyde Park Venture Partners, MATH Venture Partners, Techstars Ventures, Firestarter Fund, Sandalphon Capital, Connetic Ventures, and a prominent Chicago-based angel investor. LogicGate will use the financing to grow sales and marketing and accelerate expansion of the LogicGate platform as organizations seek ways to streamline and automate regulatory compliance and risk management processes.
LogicGate's platform enables enterprises to transform mission-critical compliance processes that lack appropriate controls and, if mismanaged, can expose them to financial risk. Organizations use LogicGate's drag-and-drop process builder to create visual flowcharts of their business processes - and then deploy them as a highly-controlled, auditable applications. LogicGate's clients use the platform for activities such as enterprise risk management, regulatory compliance, and compliance control assessments.
'We've found that many companies have been managing critical compliance and regulatory processes with what we call 'duct tape and bubble gum' - using spreadsheets, emails, and even paper and pencil. That works up until a point, but when it fails it can cause massive disruption for an organization,' said Matt Kunkel, CEO and co-founder of LogicGate. 'Our mission is to provide an agile, self-service platform that automates many of the governance, risk, and compliance activities within an organization. This round of fundraising will help us begin to scale our sales and marketing operations and accelerate our engineering efforts.'
LogicGate was founded in 2015 by former risk, compliance and legal technology consultants Matt Kunkel, Jon Siegler, and Dan Campbell. They led teams that built custom enterprise systems from the ground up, helping some of the largest financial institutions and pharma companies comply with government regulations and avoid billion-dollar government fines. Most recently, LogicGate was a part of the Techstars Chicago 2016 class.
Future plans include implementing an intelligent learning engine which can actively learn how organizations interact with processes and can take corrective action without employee intervention.
About LogicGate
LogicGate's platform allows businesses to automate risk and compliance operations by visually designing their end-to-end workflows and deploying them as controlled process applications, without writing a single line of code. Using LogicGate allows organizations to break free from their reliance on corporate IT by allowing non-technical employees to create self-service solutions.