CHICAGO, IL., 23 August 2021 --- Lextegrity Secures Additional $5 Million Funding Round To Accelerate Growth And Expand Compliance Platform Capability
Lextegrity Inc., the pioneering compliance risk automation and analytics software company, has closed a $5 million funding round from existing investor Prescott General Partners, LLC (“Prescott”), bringing total external funding to date to $8.2 million. Prescott previously led an investment round of $3.2M into Lextegrity in October 2019. Lextegrity will use the capital to service demand from its growing global customer base, expand its go-to-market capability and drive the development of its Integrity Gateway platform, which enables organizations to prevent and detect fraud, corruption, sanctions violations and conflicts of interest.
The announcement marks the latest step in a significant year for Lextegrity, which has seen it double its workforce and its customer base over the past 12 months. Its customers include Fortune 500 companies such as Alexion and Halliburton.
Chicago-based Lextegrity’s software has been designed by former in-house compliance and audit experts, led by former Pfizer lead counsel for global anti-corruption, Parth Chanda. Its Integrity Gateway platform includes solutions for spend pre-approval, third party due diligence, conflicts of interest, and continuous monitoring of financial transactional data. Its powerful 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 end-to-end and integrated 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.
“Since launching Lextegrity in 2017, the response to our platform has been phenomenal,” said Chanda, Lextegrity founder and CEO. “Up until now, compliance and audit teams have been forced to rely on a combination of disconnected systems, manual processes and periodic, sample-based analysis to prevent and detect compliance risk. Providing them with access to contextual data sets, true automation and genuine integration, all packaged within a platform that anyone can use in multiple languages, is proving to be a real game changer.”
“Our platform enables people to see and, more importantly, feel what the future of compliance really looks like. Compliance teams want digital transformation - and we give them an out-of-the-box solution. We’re excited to share that with many more organizations in the months to come.”
Lextegrity is an industry leader in digital transformation of corporate risk management. It provides software to monitor spend and automate third-party due diligence and compliance pre-approvals to prevent and detect fraud, corruption, sanctions violations and conflicts of interest. Lextegrity was founded and is led by veteran legal and audit professionals with experience before the DOJ, SEC and other international regulators, who launched Lextegrity to build the risk management tools they wished they had when they were in-house. Lextegrity’s spend monitoring and approval software was recently cited by the SEC in an FCPA resolution and aligns closely with the recent DOJ updated guidance on effective compliance programs.