RegScale, a Virginia startup building technology to manage continuous compliance automation tasks, has attracted $20 million in early-stage venture capital funding.
The Series A round was led by SYN Ventures with participation from SineWave Ventures, VIPC’s Virginia Venture Partners and SecureOctane.
RegScale, which maintains headquarters in Tyson’s Corner, Virginia, sells technology that helps regulated businesses automate the collection, compilation, and reporting of data related to compliance obligations.
Since its launch eight months ago, RegScale said it has recorded significant revenue growth with nearly 8,000 downloads of its freemium Community Edition platform and signing up more than a dozen major customers for its Enterprise Edition platform.
The company said the new financing will be used to drive sales and marketing initiatives in three key markets where organizations face heavy regulations – government, financial institutions, and energy and utilities – and speed up research and development operations.
RegScale formally launched last November 2021 as an offshoot of C2 Labs to help organizations in heavily regulated industries continuously manage compliance-related tasks.