LogicGate Secures $24.75M in Series B Financing co-led by Jump Capital and High Alpha Capital
Initial investors double down on governance, risk and compliance software, increase investment to scale product, engineering and customer success
CHICAGO – Dec. 17, 2019 – LogicGate, an agile process automation platform enabling organizations to operationalize governance, risk, and compliance (GRC) programs, today announces $24.75 million in new funding. The round includes a combination of equity and venture debt co-led by Jump Capital and High Alpha Capital, with participation from Greenspring Associates and Silicon Valley Bank. This raise brings the total investment in the Chicago Techstars alum to $34 million.
“This funding round is a testament to the continued belief of our investors in the future of LogicGate and what we’re building,” said Matt Kunkel, LogicGate’s CEO. “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.”
LogicGate will use the funds to continue empowering risk and compliance professionals to drive business value with its flexible, easy to use platform. Taking customer feedback into consideration, LogicGate will aggressively invest in initiatives to solve complex risk management challenges more holistically, including investments in content, frameworks, data partnerships and additional integrations
“The risk and compliance software market is reaching new heights,” said Emily Heath, LogicGate board member, and Chief Trust and Security Officer at DocuSign. “As risk mitigation strategies trend from reactive to proactive, organizations are looking for the right technology to support a single source of truth across all departments. LogicGate is poised to break through the market as an agile GRC platform that does just that.”
Traditionally, risk management has been siloed within departments and managed with spreadsheets and emails, leading to disparate data and an unclear picture of risk across an organization. With LogicGate’s agile approach to GRC, all risk data is housed in a central repository, providing a singular source of truth from which to visualize, customize and automate risk and compliance processes. The no-code platform gives companies the flexibility to scale risk and compliance programs when necessary.
“GRC has been stuck in the back office for too long. The next stage of GRC technology demands a flexible approach, where organizations can see real business value and impact across all departments,” said Jump Capital Managing Partner and Co-Founder, Michael McMahon. “That’s why at Jump, we’re doubling down with our investment in LogicGate. As a forward-thinking, agile GRC platform, the potential for its veteran leadership and innovative engineering teams is exponential.”
LogicGate launched in 2015, announcing a $1.9 million seed round in December 2016 and a $7.5 million Series A in July 2018. In November 2019, the company announced the addition of 170 jobs by 2021.
For more information on enterprise risk management visit www.logicgate.com.
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About LogicGate
Headquartered in Chicago, LogicGate is an agile GRC software solution that enables organizations to automate and centralize risk and compliance programs. LogicGate’s highly configurable platform assists organizations in transforming mission-critical governance, risk, and compliance processes without the support of consultants or corporate IT by enhancing controls and increasing flexibility. Dashboard-style reporting within the platform allows risk and compliance teams to analyze and remediate issues immediately. The company has made the Global RegTech 100 list two years in a row and was recently named the #1 GRC Software on the G2 GRC Grid. For more information, visit LogicGate.com and follow LogicGate on Twitter at @LogicGate.
About Jump Capital
Jump Capital is a venture capital firm specializing in expansion and growth stage investments ranging from $2-$20mm. Jump invests in data-driven enterprise software companies across a breadth of industries. With offices in Chicago and New York, Jump provides advocacy and support through a platform of institutional-level resources for entrepreneurs. Learn more at www.jumpcap.com or follow on twitter @jumpcapital.
About High Alpha Capital
High Alpha is a leading venture studio focused on building next-generation enterprise cloud companies through a new model for entrepreneurship that unites company building and venture capital. The High Alpha team partners with entrepreneurs, investors and large corporations to conceive, launch and scale new software companies. For more information: highalpha.com or on Twitter at @highalpha.
Media Contact
Katie Cessna
BLASTmedia for LogicGate
317-806-1900 x.142
PHILADELPHIA & CHICAGO–(BUSINESS WIRE)–InSight Telepsychiatry and Regroup Telehealth have merged to become the largest and most comprehensive telepsychiatry service provider in the US.
The merger between InSight and Regroup brings together a robust network of providers and an impressive group of clinical and executive leaders with extensive experience and expertise across different care settings and patient populations for underserved individuals and communities. This joint effort will allow for increased delivery of mental health services across the country in response to a nationwide shortage of specialists coupled with a rising need for behavioral health services.
“InSight is excited about the merger with Regroup and the opportunities it represents. Our organizations are remarkably similar in terms of culture, values and vision for the future. By combining our passion, drive and efforts, we will continue to set the standard for telepsychiatry delivery, leading the way to unprecedented access to care to those who need it most,” said Geoffrey Boyce, CEO of InSight and the new combined organization. “This merger allows us to align our shared goals, operational efficiencies and established models to offer scalable solutions across the continuum of care.”
InSight Telepsychiatry, based in Mt Laurel, NJ, has more than twenty years of telepsychiatry experience and serves hundreds of organizations in various settings with its on-demand, scheduled and direct-to-consumer (Inpathy) divisions. Since its inception, InSight has maintained its reputation as a trusted and experienced industry thought leader by upholding a high standard of clinical care and actively advocating for increased adoption of telebehavioral health.
Regroup, founded in 2011 and based in Chicago, brings customized telepsychiatry solutions, technology and comprehensive support teams that contribute to the seamless integration of behavioral health clinicians at partner care sites. With backing from a group of funders including the Hyde Park Angels and Frist Cressey Ventures, Regroup grew quickly. Their clinicians collaborate with onsite care teams on patient care plans and workflows, yielding better behavioral care, shorter wait times and reduced barriers in settings such as primary care clinics, community health centers, hospitals and correctional facilities.
“Regroup is excited to complement our proven approach to integrated telepsychiatry with InSight’s breadth of services, including on-demand services for partners and direct-to-consumer solutions for patients seeking care at home or other care settings of their choice,” said David Cohn, Founder and CEO of Regroup. Cohn will serve as Chief Growth Officer and maintain a seat on the board of directors for the newly combined organization.
Investors in the combined company include Harbour Point Capital, HLM Venture Partners, OCA Ventures, OSF Ventures, and Impact Engine. Ziegler, a specialty investment bank, represented Regroup in the merger process.
“Geoffrey and the leadership team are highly regarded by both the mental health provider community and their partners. This next phase of growth will continue to improve access to mental health care for underserved individuals, facilities and communities,” said David Crane, Chairman of the new organization’s board and a Partner at Harbour Point Capital.
“HLM has been a firm supporter of Regroup and is proud to see the impact they have made on how behavioral health services are provided virtually across the US. This merger marks a new chapter where the combined entity will be uniquely positioned to shape the future of the telebehavioral market even further,” said Vin Fabiani of HLM Venture Partners. Fabiani will continue to serve on the new organization’s board of directors.
About InSight Telepsychiatry
Founded by child and adolescent psychiatrist, Jim Varrell, MD, InSight is the leading national telepsychiatry service provider with a mission to transform access to quality behavioral health care through innovative applications of technology. InSight has more than two decades of telepsychiatry experience and serves hundreds of organizations across the country with its on-demand, scheduled services and Inpathy divisions. InSight has led the growth of the telepsychiatry industry and remains an industry thought leader and advocate. To learn more, visit www.InSightTelepsychiatry.com.
About Regroup Telehealth
In partnership with providers at more than 175 care locations across America, Regroup brings individualized mental health services to deliver hundreds of thousands of patient sessions per year. Regroup’s clinician-focused culture attracts highly qualified clinicians that are supported by a dedicated team of recruiting, licensing and credentialing, account management, clinician relations and technical implementation teams. For more information, visit www.regrouptelehealth.com.
The two organizations will continue to utilize their respective names and brands throughout the integration process.
Media Contacts:
Sarah Plumridge
press@regrouptelehealth.com
312.506.5218
Michelle Mann
mmann@in-sight.net
443.605.2399