Lumigent Secures $3 Million in Funding for Automated GRC Biz

Posted 01/20/2010 at 6:20am | by Paul Lilly

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Governance, Risk, and Compliance (GRC) software vendor Lumigent on Tuesday announced it has closed a new round of funding worth $3 million courtesy of North Bridge Venture Partners. The company said it plans to use the new-found cash to accelerate its expansion.

"The audit and regulatory compliance burden on businesses contniues to grow, in an era of increased risk," said RedMon analyst James Governor. "Better business controls and governance processes are needed, but reactive, manual, and costly approaches dominate. AppGRC is designed for continuous audit, a more systematic approach to busienss systems compliance, with automated, policy-based reporting."

Lumigent kept busy in 2009 with the launch of its AppGRC for PeopleSoft Finance Management, which the company claims is the industry's first automated GRC control app. Lumigent also added new partners to the fold, including Deltek and BTRG, and 15 new AppGRC customers.

"For us, 2009 was a year of proof," said John H. Capobianco, president and CEO of Lumigent.