WALTHAM, Mass. and SAN FRANCISCO -- Aveksa officially launched its business today as a provider of identity-driven, compliance automation software. The company was established to help customers ease the burden of regulatory compliance by enabling them to automate and continually monitor access-related controls that are critical for complying with Sarbanes Oxley, HIPAA, GLBA, Basel II and other security and privacy regulations.
The company also announced that it has closed $6 million in a Series A round of venture funding led by Charles River Ventures and Pequot Ventures. The funds will be used for product development, business development, recruiting and general operations. As part of the funding, Barry Bycoff, a partner with Pequot Ventures and former CEO of Netegrity, and Austin Westerling, a partner with Charles River Ventures, will join the company's board of directors.
"We invested in Aveksa after spending six months alongside the company discussing costs associated with compliance with more than 50 vice president or C-level customer prospects," said Austin Westerling, partner, Charles River Ventures. "We are confident that there is a very fertile market here and Aveksa has assembled a world-class team to execute."
"Companies are frustrated with the increasing number of regulations and the escalating cost of compliance. Not only do they need to reduce costs but they need to measure their state of compliance to fully understand their business risks," said Barry Bycoff, partner, Pequot Ventures. "We are confident that Aveksa's technology provides the solution to meet these challenges, and its leadership will capitalize on the opportunity to build a successful company."