Lextegrity Inc., a Chicago, IL-based compliance risk automation and analytics software company, closed a $5m funding round.
Backers included existing investor Prescott General Partners. The round brought total external funding to date to $8.2m.
The company intends to use the funds to expand its global customer base and go-to-market capability and drive the development of its platform.
Led by Parth Chanda, CEO, Lextegrity provides the Integrity Gateway platform, which enables organizations to prevent and detect fraud, corruption, sanctions violations and conflicts of interest. It includes solutions for spend pre-approval, third party due diligence, conflicts of interest, and continuous monitoring of financial transactional data. Its workflow automation platform can automate any compliance approval process, while its data analytics platform, underpinned by dozens of analyses, automatically risk rates 100% of an organization’s financial transactions. The solution provides contextual data and risk insights during the entire lifespan of risk, from budgeting to spend, to help compliance and audit teams quickly identify otherwise-hidden compliance risks.
Customers include Fortune 500 companies such as Alexion and Halliburton.