Enterprise compliance startup EncompaaS has raised $14 million as it looks to go global
The raise for the corporate governance SaaS provider was led by CVC Emerging Companies, Future Now Capital, and private investment company Marshall Investments.
EncompaaS CEO Jesse Todd said the funds will be used to further develop and take its suite of cloud-based enterprise content management and compliance products to global markets.
The software startup is a compliance platform that delivers intelligent, automated information governance.
“Organisations are under enormous pressure to meet complex regulatory requirements for managing content appropriately. Hybrid working environments driven by COVID are exacerbating this risk with more content being created in cloud collaboration tools than ever before,” Todd said.
“Understandably boards are increasingly concerned about their ability to demonstrate appropriate compliance to both regulators and their customers, and potentially putting their licence to operate at risk.
Todd said that using artificial intelligence (AI) and machine learning (ML) on the platform delivers a new way of identifying, visualising and managing key compliance risks across the enterprise at scale.
“This allows executives and boards to demonstrably prove that they are responding rapidly and responsibly, while protecting their organisations,” he said.
“The need to manage vast amounts of content under increased regulatory pressure has created an excellent growth opportunity for EncompaaS. This investment round will underpin our scaleup strategy, increase our international sales presence and fund further product development.”
The venture’s client base including a leading Australian bank and NSW government department, and having recently signed on a major European bank, has set up offices in the UK and US.
The investment is the fifth portfolio company in the last nine months for the Microsoft-aligned Future Now Capital’s Fund I, which plans to work with EncompaaS to lift its presence within the Microsoft ecosystem and leverage Microsoft’s powerful co-sell programs. EncompaaS is available in the AppSource and Azure Marketplace.