Chicago startup LogicGate has raised $7.5 million in new funding for its risk and compliance automation software.
LogicGate, a member of the 2016 Techstars Chicago class, said it will use the funding to add 50 new people to its team. The Series A round was led by Chicago-based Jump Capital, with participation from Indianapolis-based High Alpha and existing investors. It has now raised $9.4 million to date.
Founded in 2015 by Matt Kunkel, Jon Siegler and Dan Campbell, LogicGate's software-as-a-service platform helps businesses automate their risk and compliance programs. The startup says its platform can be configured with a drag-and-drop interface and doesn't require any coding know-how.
LogicGate works with companies in financial services, healthcare, retail and other industries with things like regulatory compliance, risk management and GDPR compliance.
“While we are thrilled with our growth over the past 18 months and expect to continue this growth, we are most proud of the new and innovative ways our platform is empowering professionals in the risk and compliance space," Matt Kunkel, LogicGate’s CEO, said in a statement. "We’re providing our customers with transparency to reduce risk, eliminate compliance violations, and improve operational effectiveness."
LogicGate raised a $1.9 million seed round in 2016 from Chicago Ventures, OCA Ventures, Hyde Park Venture Partners, MATH Venture Partners, Sandalphon Capital and others.
