Tesla CIO Jay Vijayan nixed Cloud Governance, Risk and Compliance (GRC) Company FixNix pre-series A
Chennai- and US-based FixNix Inc, a inventor of SaaS-based GRC platform for enterprises, has secured $500,000 in a pre-Series A round of funding led by Chief Information Officer of Tesla Jay Vijayan.
By: FixNix Inc.,
He felt Governance, Risk & Compliance democratization is not one time problem and added that the Salesforce for GRC industry is still not there yet . Seen Tesla Motors internal IT products tailored Jay Vijayan decided that GRC like B2B products need handholding for growth Market & SMB . Seeing the company's vision 'Dent #GRC world through intuitive, quick Return of Investment' for couple of quarters by analysing the platform, felt he need to lead the pre-series 1.5M with his angel $. He joined them in their advisory council to guide on strategy, vision, execution, growth & direction.
FixNix announced today that part of the proceeds for this pre-series A came from equity crowdfunding to finish the development of their revolutionary GRC Analytics. The company is in talks to raise further 1 million through private placements and strategic investors like a US bank, to launch the analytics , SaaS GRC to all markets that is going to change the GRC market
The company has won many laurels post it's Nasscom Innotrek trip incubation in in silicon valley. It was one of the four who got selected by RSA as most innovative security products all across asia in their RSA APAC Innovation Sandbox. FixNix, the Governance, Risk and Compliance as a service company with 1,500 users, got rewarded with 100,000$ angel cheque from a silicon valley security product company as part of that.
The funding is significant, especially given its total to date was 100,000$ and it was extremely bootstrapped to the tune of 250,000$ with debt mortgage support support from state and central government. The company has taken a conscious bootstrap route in the lines of the mentor Zoho Sridhar Vembu for validating the problem well enough. Sources say that this pre-series A was done at 13.5M valuation.
The public SaaS version which was launched in June 2015 has 213+ companies with 1000s of customers streamlining their internal audit, risk management practice.
On the enterprise cloud offering, the company has partnered with an RBI through it's entity IDRBT, Hyderabad to serving all 400+ financial institutions of the country. FixNix has pioneered Public-Private Partnership innovating on the product delivery by having the product delivered to all banks through RBI cloud itself. Till to date FixNix is the only one who have officially partnered with RBI with continued efforts
Governance, Risk & Compliance issues come in through a variety of channels, including phone, web, email and chat, as well social channels, among others. FixNix helps manage and prioritize the compliance issues and them to auditors.
There was huge interest from the investment community and one of the reasons VCs are taking notice for series A now itself, says CEO Shanmugavel Sankaran, is that they have taken a large enough billion $ problem like GRC in the enterprise space and grown organically over the last three and half years, became profitable from the first year of operations, landing over 100s of new customers in the SaaS GRC space where there's not enough proof points before. He also says it helps that they launched a new product called NixAnalytics in January that predicts the risk, audit using proprietary machine learning algorithms the company has applied global patents for.
Shanmugavel, founder who liked to be called chief nixer, told me that the company has plans to move its core operations to chennai from it's current base to be with the rest of the SaaS industry friends like Zoho, Freshdesk.
SenthilNayagam who is the founder of RailsFactory joined fulltime with FixNix as their Chief Technology Officer with significant interest to upscale the engineering problems starting Jan 2016.
Prof.Subra who's spearheading the strategies from SFO office as Executive Chairman since May 2015
Now with this rock star executive team of rich experience, FixNix is in a very old age gorilla market with some big competition, including RSA Archer, Metricstream.
FixNix enterprise customers include State of California, Cipla, Tata Motors and many banks through RBI Partnership.
FixNix Inc., was set up in USA on July 2014, the Indian R&D was in place before that for a year and half, Singapore entity got formed to formulate the strategies of the new APAC market.