HomefundingLumigent Closes $3M Funding Round

Lumigent Closes $3M Funding Round

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Lumigent Technologies, Inc., an Acton, MA-based provider of an automated Governance, Risk and Compliance (GRC) software, closed a $3m round of funding from North Bridge Venture Partners.
The new funds will be used to accelerate the company’s expansion.
Lumigent’s flagship product, AppGRC, reduces cost and mitigates risk by monitoring application specific data and controls.
The company has also announced that it has reinforced its executive team, which now includes Lisa Mastrangelo, CFO, responsible for overall financial strategy and planning, and Rick Ruskin, VP sales, responsible for overall sales strategy and execution, including channel strategy.
Commenting on the new investment, John H. Capobianco, president and CEO of Lumigent, was reported to say: “Our 2009 results demonstrate how eager organizations are to drive down operational risk and the costs of auditing and compliance reporting — savings that are backed up by a proven ROI.
“The continuing funding by North Bridge reflects the confidence and commitment of our investors. 2010 will be an exceptional year for Lumigent, our partners, and of course, our customers”.
FinSMEs
19/01/2010