Compliance Science, Inc. ("CSI"), a leading web-based provider of regulatory compliance technology and services, today announced that it has received an $8.25 million Series A investment from Edison Ventures, an information technology-focused venture capital firm.
Edison Venture's minority investment is the first outside capital that Compliance Science has received, and will accelerate the Company's technology and product development and its expansion into new and global markets.
Compliance Science is a leading provider of web-based regulatory compliance technology and services for the financial services community. CSI's clients include leading RIA's, broker/dealers, private equity firms, hedge funds, banks, pension plans and public companies.
These financial firms rely on Compliance Science to help protect them against reputational risk and revenue loss occurring from non-compliant activities.
Mitchel Kraskin, Managing Director and co-founder of Compliance Science, said, "We are thrilled to partner with Edison Ventures, which has a tremendous track record as one of the leading investors in the financial technology sector. The firm's domain expertise and financial support will be instrumental as we accelerate our product development, address new markets and, ultimately, expand globally."
Michael D'Angelo, Chief Technology Officer and co-founder of Compliance Science, added, "Edison's investment will enhance our ability to provide cutting edge compliance software to customers and further insulate them from reputational and financial risk. We look forward to using this investment to build on our market-leading position and capitalize on the rapidly increasing need for sophisticated compliance technology and services."
Chris Sugden, Managing Partner of Edison Ventures, commented, "Mitch, Mike and the entire Compliance Science team are renowned leaders in the industry and true innovators in personal trading monitoring and surveillance. CSI provides compelling solutions to a growing base of financial services firms. Customer service was described by CSI's customers as best in class. This investment not only signifies our bullish outlook on the regulatory compliance services sector broadly, but also our confidence in CSI's outstanding team and strong growth prospects."
Compliance Science was advised by Sparring Partners, a New York based investment bank specializing in advising growth technology companies.