Start-up’s innovative software promises to simplify regulatory reporting for community banks, credit unions and other financial institutions Rocky Hill, Conn., June 9, 2009 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made an investment of $500,000 in Continuity Engine Inc. (Continuity) of Monroe, Conn., through its Seed Investment Fund. This investment is part of a $1.5 million round also involving Continuity’s management team, LaunchCapital and angel investors. CI’s investment in Continuity is its seventeenth investment in early-stage Connecticut technology companies since July 2008.
Continuity has developed the industry’s first operations, management, and governance platform for community financial institutions through a series of software-as-a-service (SaaS) modules. Continuity’s software enables community financial institutions to capture, track and report vital information about their operations, allowing them to readily meet growing federal regulatory and management requirements.
Governor M. Jodi Rell commented, “I am delighted that Connecticut Innovations has invested in Continuity Engine. Continuity’s CEO and founding partner, Andrew Greenawalt, is an active member of Connecticut’s technology community, having previously founded one of CI’s most successful portfolio companies, Perimeter eSecurity. So, this is an example of serial entrepreneurship at its best, right here in Connecticut.” Andrew Greenawalt, chief executive officer and co-founder of Continuity, also expressed his excitement to once again work with the Connecticut Innovations team. “Having both grown my previous company, Perimeter eSecurity, with CI, and worked with the CTech business accelerator, I can tell you that CI is unique in its support, patience and focus surrounding early-stage ventures,” Greenawalt said. “These qualities contributed to the growth of Perimeter during the country’s last recession and will play an important role in the future success of Continuity Engine in the current economic climate and beyond. Continuity Engine needed a partner who could envision a new way of attacking the regulatory challenges faced by smaller financial institutions, and we found it in CI." Instead of patching together a range of consulting, software and home-grown processes and systems, financial institutions can benefit from Continuity’s integrated solution – one that automates the audit process and simplifies regulatory reporting. “Continuity Engine’s software will be a real asset to small- to medium- sized financial institutions that currently lack the resources to effectively manage policies, procedures and audits,” said Peter Longo, president and executive director of CI. “With over 17,000 community financial institutions nationwide, there is a vast market for the company’s time-saving solution.” Anil Vasagiri, director of investments at CI, will represent CI on Continuity’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energyinitiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Continuity Engine Inc.
Founded in 2008 by SaaS, banking and compliance veterans, Continuity Engine is creating an on-demand platform designed to simplify the way regulatory compliance is achieved in the management of policies, procedures and audit programs. Continuity Engine is backed by Gnostic Ventures and is located in Monroe, Connecticut. For more information on Continuity Engine, please visit www.continuity.net.