(MENAFN- Robotics & Automation News) Governance, risk, and compliance (GRC) platform Scrut Automation has raised $10 million in growth capital from existing investors Lightspeed , MassMutual Ventures and Endiya Partners.
The Scrut Automation team will use the funding to enhance their platform capabilities, incorporate generative AI use cases to reduce the manual effort for risk and compliance teams and expand to North American and European markets.
With this round, the company has now raised $20.5 million in total venture funding since its inception in 2021.
Scrut Automation was created to address the unique risk and compliance challenges faced by tech-first mid-market businesses in highly regulated industries.
These companies grapple with stringent compliance requirements from regulators and industry bodies, and mounting pressure to keep risk under the threshold, but are often hindered by limited budgets and understaffed teams.
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