Referring to its $10 million investment as “growth funding,” compliance-management specialist Continuity Control says it is even better positioned to expand its regulatory intelligence platform for FIs.
The company’s total capital now stands at $12 million.
River Cities Capital Fund led the way in an investment round that included participation from BancVue and the family of IBM founder Thomas Watson, as well as others. Impressively, the $10 million raised was twice the amount Continuity Control had initially sought.
Speaking of the investment, Continuity Control CEO and Co-founder Andy Greenawalt said, “The interest generated in this round of investment further validates our vision for compliance management and the opportunity it represents in the community financial industry.”
What will Continuity Control do with the additional capital? According to the company, research and development are near the top of the list. But faster movement overall is what Continuity Control is counting on with the new investment. “The faster we progress, the sooner we’ll fulfill our mission to eliminate the tedious, manual effort historically involved with compliance management.”
An innovator in the field of compliance technology for financial institutions, Continuity Control specializes in helping credit unions and community banks reduce the costs and time involved in meeting regulatory requirements.
Founded in 2008 and headquartered in New Haven, Connecticut, Continuity Control demoed its technology at FinovateSpring 2010. See the company’s demo video here.