Software developer LogicGate, known as a leading provider of SaaS solutions in the GRC program market, has successfully raised an additional $113M from its recent Series C funding round.
The software-as-a-service provider has made its mark in the proactive management of Governance, Risk Management, and Compliance (GRC) programs with its Risk Cloud platform. The recent Series C funding was led by PSG, the leading growth equity firm that collaborates with technology-enabled services and middle-market software development companies. Additionally, venture capital firm Greenspring Associates also showed additional support as it significantly increased its investment since its original offer back in 2019.
"Today, the market for risk and compliance tools is experiencing significant growth and innovation, which we believe is similar to the CRM market 10-15 years ago," said LogicGate CEO Matt Kunkel in a press release. He expressed excitement to team up with PSG as well as maintain their relationship with Greenspring as they work towards developing a "holistic no-code platform equipped with the tools and agility required to meet the evolving risk management needs of modern organizations."
Addressing the Needs of the Growing IRM Market
A projection from Gartner assesses the integrated risk management (IRM) market at a growth of about 12.6 percent this year, with its total addressable market to grow up to $9.3 billion by 2023. In a survey conducted among risk managers, the top three risk management priorities all look to an IRM approach: building operational resilience, business model resilience, and risk interdependencies and cross-functional response.
Since it was first founded in 2015, LogicGate has remained steadfast in its commitment to develop flexible and easy-to-use enterprise technology for accurately assessing, monitoring, and pivoting GRC programs to meet changing demands. The industry leader is now responsible for hundreds of customers such as investment platform SoFi, international insurance provider Zurich Insurance, healthcare provider Memorial Hermann Health, and multi-faceted business entity Cimpress - all of them using LogicGate's Risk Cloud platform.
"LogicGate has a leading platform that leverages their no-code solution for a broad array of customers spanning a variety of industries globally," says LogicGate board member and PSG Managing Director Adam Marcus.
With the recently concluded Series C funding round, LogicGate has already raised a total of $156M, which will boost its operations that includes making strides in product advancements. One upcoming project, a risk quantification solution, is set to make its debut later this year. The funding will also bolster the company's expansion of its partner ecosystem, as well as its security posture and presence in the international market.
The developer behind the Risk Cloud platform and Risk Cloud Exchange, LogicGate works to redefine how organizations approach risk and risk management in their own environments. With its proactive attitude toward handling GRC programs, hundreds of companies now rely on the Risk Cloud platform to optimize their organization efficiency, reduce costs from redundant procedures and risk-related downtime, and improve revenue generation and retention.
Currently led by its CEO Matt Kunkel, LogicGate is currently headquartered in Chicago, Illinois.
Published on Tech Times.
Written by Mark B.