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January 18, 2023 | Shannon Smith

Knoxville start-up RegScale finishes first year with $21.5 million in funding

The compliance software company's first year in business came with acquisitions, expanded leadership, and millions in funding.

Compliance can be tedious, annoying, and frankly a headache for companies who have to keep up with it the old-fashioned way. RegScale is changing that, one free software download at a time.

RegScale is a real-time Governance Risk and Compliance (GRC) software company, with its research and development department headquartered in Knoxville. As 2023 begins, so does RegScale’s second full year in business.

“It’s hard to believe that we just celebrated our one-year anniversary,” said Anil Karmel, Co-Founder and Chief Executive Officer of RegScale. “What RegScale has accomplished in the last year is astounding. We look forward to growing at an accelerated pace, including expanding our team in 2023 to meet customer demand and continue to drive innovation to bridge the divide between security and compliance.”

Here are some highlights from year one:

  • Raised $21.5 million in seed and Series A funding
  • Acquired government compliance software company GovReady
  • Expanded its executive leadership team
  • Secured two patents for its core platform
  • Hit 282,000 downloads of its free Community Edition compliance software meant for small businesses
  • PYA Ballard Innovation Award finalist, along with other outside awards and accolades

“We built this company to help organizations navigate and mitigate compliance gaps and visualize risk in real-time, all while giving them an intuitive user and machine experience,” said Travis Howerton, Co-Founder and Chief Technology Officer of RegScale. “Building off of last year’s success, we are excited to continue leading the Regulatory Operations (#RegOps) movement while making compliance cost-effective, simple, and reliable for every organization.”