August may have ended with a solid $33 million invested in Tampa Bay startups, but September is off to its own strong start for one local software company.
ComplianceQuest, which provides software for the life sciences and manufacturing industries, closed its Series A funding round with $36 million total. Insight Partners led the round, which is the first major fundraising round ComplianceQuest has completed. The funds will help the company's continued global growth.
"We are excited to partner with Insight as we share a vision for further accelerating the strong growth that we have seen over the last three years," Prashanth Rajendran, co-founder and CEO of ComplianceQuest, said in a press release. "We look forward to bringing significant value to our customers in the quality, compliance, risk and safety space which is so essential to the well-being of product end users as well as the financial health of manufacturers and service providers alike."
ComplianceQuest has been on the rise in recent months. It ranked No. 163 on Inc. 5000's "Greatest Entrepreneurs and Fastest-Growing Private Companies in America for 2019," and is also the youngest company on Gartner's Market Guide for Quality Management System Software.
According to the Inc. 5000 list, ComplianceQuest has had 2,357 percent growth and brought in $2.5 million in revenue in 2019.
"This strategic investment will spur additional innovations in CQ solutions that leverage [artificial intelligence], predictive analytics and the Salesforce platform," Atulya Risal, co-founder and CTO of ComplianceQuest, said in a statement. "We will realize our product vision at a more rapid pace as we strengthen our research, product, service and support team."
