Continuity Control, a New Haven, Conn.-based provider of a compliance management system for community financial institutions, raised $10m in growth funding.
The round was led by River Cities Capital Funds, with participation from BancVue and the family of IBM founder Thomas Watson. In conjunction with the funding, Rik Vandevenne, a director with River Cities, will join Continuity Control’s board.
The company intends to use the funds to accelerate functionality enhancements to its platform and hire additional staff members.
Founded in 2008 by Andy Greenawalt, CEO, Continuity Control provides a cloud-based compliance management system for community banks and credit unions. The platform, currently used by more than 23,000 users, automates the entire regulatory lifecycle — managing regulatory updates, policies, procedures, risks, vendors, audits, business continuity and exam preparation along with compliance strategy and planning.
The company had raised $5.2m in previous rounds.