Originally Published in Chicago Inno by Karis Hustad.
Deal: $1.9 million seed round
Investors: Chicago Ventures, OCA Ventures, Hyde Park Venture Partners, MATH Venture Partners, Techstars Ventures, Firestarter Fund, Sandalphon Capital, and Connetic Ventures.
What they do: LogicGate provides a platform for growing and established businesses to create highly-controlled, auditable applications, as well as “mission-critical” compliance processes. The LogicGate platform allows businesses to create a drag-and-drop flow chart of their business processes to create an app (without writing any code), or use one of their pre-created templates that cover processes such as regulatory change management, incident management and audit management. LogicGate focuses on six industries, including education, financial services, healthcare, retail, energy, pharma and life sciences.
“We’ve found that many companies have been managing critical compliance and regulatory processes with what we call ‘duct tape and bubble gum’ – using spreadsheets, emails, and even paper and pencil. That works up until a point, but when it fails it can cause massive disruption for an organization,” said Matt Kunkel, CEO and cofounder of LogicGate, in a statement. “Our mission is to provide an agile, self-service platform that automates many of the governance, risk, and compliance activities within an organization. This round of fundraising will help us begin to scale our sales and marketing operations and accelerate our engineering efforts.”
Other details: The startup was founded in 2015 by former risk, compliance and legal technology consultants Matt Kunkel, Jon Siegler, and Dan Campbell. LogicGate was a part of the Techstars Chicago 2016 class.
They plan on using the funding to grow sales and marketing, as well as expand the LogicGate platform. In the future, they hope to create an “intelligent learning engine” that can learn business processes, and take corrective measures without any employee intervention.Read Original Article