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Home›Open Source Software›Newly Launched RegScale Announces $ 1.5 Million First Round of Funding and Key Customers for Its Security and Compliance Automation Software Platform
Newly Launched RegScale Announces $ 1.5 Million First Round of Funding and Key Customers for Its Security and Compliance Automation Software Platform
By George T. Sprague
WASHINGTON–(COMMERCIAL THREAD) – RegScale, which provides continuous compliance automation for highly regulated public and private sector entities, officially launched on the market today following the release of C2 Labs, a digital transformation services company. As part of this launch, RegScale also announced that it has secured a first round of funding of $ 1.5 million with the participation of Virginia Innovation Partnership Corporation (formerly CIT), New Dominion Angels and several strategic investors, as well as 'significant customer traction.
"Meeting compliance obligations has always been a manual, time consuming and expensive process," said Travis Howerton, Co-Founder and CTO, RegScale. "We apply DevOps principles to compliance to solve the most difficult compliance issues businesses face and help them transform their manual and static compliance documentation and processes into a dynamic, automated and collaborative platform. The cybersecurity industry has focused heavily on the concept of 'moving to the left' security to make cybersecurity real-time, continuous and comprehensive, making compliance the new bottleneck in the transformation process digital. This new funding will allow us to increase and "shift to the left" compliance to accelerate innovation, reduce risk and lower the costs of manual compliance documentation, which our customers demand. "
"Our clients are seeing real results by implementing RegScale, ranging from saving $ 500,000 per year on their cyber insurance premiums to processing over 70 CMMC system security plans in a matter of months," said Anil Karmel, co-founder and CEO of RegScale. "A customer was able to dynamically report their real-time compliance status to Tableau by integrating RegScale with Wiz.io, pulling together compliance results from the cloud and comparing them to manual assessments of compliance controls. This enabled them to continuously meet their compliance obligations and update their documentation in real time.
RegScale was designed to help organizations in heavily regulated industries continuously manage the massive year-over-year growth in their compliance burden as they face fines that have increased by over 500% these recent years, according to McKinsey. The company's continuous compliance automation solution transforms organizations from manual compliance approaches and processes to an automated API-centric approach.
Since launching the RegScale platform in early 2021 (under the Atlasity brand), the company has recorded more than 5,000 downloads of its freemium Community Edition and has signed five major customers for its Enterprise Edition platform. Early clients include the US Air Force (USAF), the US Department of Homeland Security (DHS), a Fortune 500 financial services company, and Johnson Controls Federal Systems, which uses RegScale to manage model certification compliance. Ministry of Defense cybersecurity maturity (CMMC).
THE DIFFERENCE OF SCALE
The founding team of RegScale has deep expertise in government regulations and the industries they affect. Howerton has held a number of senior positions in government and industry, including as Technical Director of the National Nuclear Security Administration (NNSA), Deputy IT Director of the Oak Ridge National Laboratory (ORNL), and Global Director of strategic programs at Bechtel Corporation. Co-founder Anil Karmel was Deputy Director of Technology at NNSA and developed cloud computing solutions for the Department of Energy (DOE) nuclear weapons complex at Los Alamos National Laboratory (LANL). Karmel is currently chairman of the metropolitan chapter of the Cloud Security Alliance (CSA) in Washington, DC and a member of the CSA's CxO Trust Advisory Council.
RegScale customers benefit from simple TurboTax-like wizards and automated drag-and-drop workflows, allowing them to quickly create compliance artifacts while speeding up approvals. This is made possible by applying DevOps principles to the process, what RegScale calls a Regulatory Operations or RegOps approach. Customers can integrate their existing security and compliance platforms with RegScale, supporting manual and automated real-time assessments to help organizations better understand and comprehensively manage compliance risks proactively.
The collaborative capabilities of the platform allow all stakeholders and data owners in the compliance process to work together on a single platform to dramatically improve productivity and reduce costs. The burden of collecting documentation and meeting reporting requirements is significantly reduced for RegScale customers with its API-centric approach, allowing customers to use the same assessment information to comply with multiple requirements and view their compliance status in real time via their business intelligence platform of choice.
The company has created an open source community to encourage third-party collaborators to build integrations with the RegScale platform. These integrations are released as free open source for use by RegScale customers to support the RegOps movement through the power of the open source ecosystem.
"Cyber ​​security and compliance are a priority for heavily regulated organizations," said Jim Reavis, co-founder and CEO of Cloud Security Alliance. "Purpose-built solutions that can help organizations proactively manage compliance with applicable laws and regulations are essential, and we applaud RegScale for bridging the gap between security and compliance through automation. "
RegScale is designed to meet all regulatory requirements with over 70 compliance requirements such as NIST, ISO, SOX, CMMC and NERC-CIP supported out of the box and the ability for RegScale to digitize any regulations in less than a week. A full list of regulations supported in RegScale today is available at https://regscale.com/regulations.
ABOUT REGSCALE
Founded in 2021, RegScale offers continuous compliance automation for heavily regulated industries, freeing organizations from paperwork through its security and compliance automation software. Through its continuous compliance automation platform, RegScale helps organizations continuously meet any compliance obligation, including laws and regulations such as GDPR, NIST, CMMC and CCPA by leveraging a centric approach on APIs. For more information visit: https://www.regscale.com/.
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