Onspring, an Overland Park, Kansas-based software as a service (SaaS) platform that specializes in Governance, Risk, and Compliance (GRC), has raised a strategic round of funding to accelerate its growth in the burgeoning GRC sector.
The funding was provided by Capital IP, a strategic partner that aims to bolster Onspring's future growth.
The funds will be used for various improvements, including platform enhancements in artificial intelligence, integrations, and user experience, as well as new product development.
Onspring co-founder Chris Pantaenius stated, “Our focus on consistent and responsible growth has fueled our financial strength and ability to deliver ROI for customers.” His fellow co-founder, Chad Kreimendahl, highlighted that these plans to dramatically accelerate Onspring’s growth create opportunities for bigger product development bets aimed at revolutionizing the GRC market.
Onspring's platform automates critical risk and compliance activities and provides real-time data visualization for accurate reporting and faster, more informed decision-making.
The company plans to use the funds to drive significant expansion in product development and team growth. It will also maintain its focus on optimal customer experience.
Company: Onspring Technologies, LLC
Raised: Undisclosed
Round: Strategic Round
Funding Month: May 2023
Lead Investors: Capital IP
Additional Investors:
Company Website: https://onspring.com/
Software Category: GRC Software
About the Company: Founded in 2013, Onspring provides intelligent GRC workflow automation and real-time reporting through a flexible, no-code, cloud-based platform. Though its acumen is technology, they create business automation solutions with a people-first approach, which results in simplified workflows, process transparency, and the elimination of manual, repetitive tasks. The company offers configured-yet-flexible solutions for Governance, Risk & Compliance (GRC), Integrated Risk Management (IRM), internal audit, vendor risk, IT Service Management (ITSM), and many other business processes.
Source: https://fintech.global/2023/05/11/grc-software-platform-onspring-secures-investment-from-capital-ip/