Chicago startup LogicGate, a Techstars grad that helps companies automate risk and compliance programs, raised a new round of funding as the startup continues to grow quickly.
LogicGate announced Tuesday that it raised a $24.75 million Series B round co-led by Jump Capital and High Alpha Capital. Other backers include Greenspring Associates and Silicon Valley Bank. The round was a mix of equity and venture debt, the company said in a press release.
The recent funding brings LogicGate's total amount raised to date to $34 million. The startup, founded in 2015, was a member of the 2016 Techstars Chicago class.
LogicGate now has 102 employees, who work out of the company's River North headquarters. It also announced that it has named Emily Heath, the chief trust and security officer at DocuSign, to its board.
LogicGate works with companies in financial services, healthcare, retail and other industries, helping them with things like regulatory compliance, risk management and GDPR compliance. The startup's platform can be configured with a drag-and-drop interface and doesn’t require any coding know-how, allowing companies to automate and centralize risk and compliance programs.
“This funding round is a testament to the continued belief of our investors in the future of LogicGate and what we’re building,” Matt Kunkel, LogicGate’s CEO, said in a statement. “Combined with Emily Heath’s addition to the board, the investment underscores the fact that the market is ready for a flexible GRC solution that helps risk, compliance and security professionals make strategic, informed choices every day.”
