VComply raises $2.5 million seed round led by Accel to simplify risk and compliance management
Threat and compliance administration platform VComply introduced immediately that it has picked up a $2.5 million seed spherical led by Accel Companions for its worldwide development plan. The funding will probably be used to accumulate extra clients in america, open a brand new workplace in the UK to help clients in Europe and develop its presence in New Zealand and Australia.
The corporate was based in 2016 by CEO Harshvardhan Kariwala and has clients in a variety of industries, together with Acreage Holdings, Ace Power Options, CHD, the UK’s Division of Worldwide Commerce and Burger King. It presently claims about 4,000 customers in additional than 100 international locations. VComply is supposed for use by all departments in an organization, with compliance data organized right into a central dashboard.
Whereas there are already a roster of governance, threat and compliance administration options available on the market (together with ones from Oracle, HPE, Thomson Reuters, IBM and different established enterprise software program corporations), VComply’s aggressive edge could also be its flexibility, easy consumer interface and straightforward deployment (the corporate claims clients can on-board and begin utilizing the answer for compliance duties in about 30 minutes). It additionally seeks out smaller corporations whose wants haven’t been met by compliance options meant for big enterprises.
Kariwala instructed TechCrunch in an e-mail that he started considering of making a brand new threat and compliance answer whereas working at his first startup LIME Studying Techniques, an schooling administration platform, after being hit with a $4,000 penalty as a result of a non-compliance subject.
“Believe me, $4,000 really hurts when you’re bootstrapped and trying to save every single cent you can. In this case, I had asked our outsourced accounting partners to manage this compliance and they forgot!” he stated. After speaking to different entrepreneurs, he realized compliance posed a problem for many of them. LIME’s crew constructed an inner compliance monitoring device for their very own use, but additionally shared it with different individuals. After getting good suggestions, Kariwala realized that regardless of the numerous governance, threat and compliance administration options already available on the market, there was nonetheless a spot available in the market, particularly for smaller companies.
VComply is designed so organizations can customise it for his or her trade’s laws and requirements, in addition to their very own workflow and knowledge wants, with aggressive pricing for small to medium-sized organizations (a subscription begins at $3,999 a yr).
“Most of the traditional GRC solutions that exist today are expensive, have a steep learning curve and entail a prolonged deployment. Not only are they expensive, they are also rigid, which means that organizations have little to no control or flexibility,” Kariwala stated. “A GRC tool is often looked at as an expense, while it should really be treated as an investment. It is particularly the SMB sector that suffers the most. With the current solutions costing thousands of dollars (and sometimes millions), it becomes the least of their priorities to invest in a GRC platform, and as a result they fall prey to heightened risks and hefty penalties for non-compliance.”
In a press assertion, Accel associate Dinesh Katiyar stated “The first generation of GRC solutions primarily allowed companies to comply with industry-mandated regulations. However, the modern enterprise needs to govern its operations to maintain integrity and trust, and monitor internal and external risks to stay successful. That is where VComply shines, and we’re delighted to be partnering with a company that can redefine the future of enterprise risk management.”