Rocky Hill, Conn., October 19, 2010 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made a follow-on investment of $250,000 in New Haven-based Continuity Control Inc. (formerly Continuity Engine Inc.) through its Eli Whitney Fund. This investment is part of a round of up to $750,000 also involving Club Circle Partners, LaunchCapital and individual investors.
Continuity Control provides community financial institutions with the cost efficiencies of the megabanks they compete with through its “Compliance-in-the-Cloud” services. Using the company’s software-as-a-service (SaaS) applications, institutions can capture, track and report vital information about their operations; the applications allow customers to readily meet growing federal regulatory and management requirements. As regulations change, Continuity Control updates the applications at no additional cost. "We are delighted to strengthen our support for Continuity Control as it launches its innovative software applications," said Governor M. Jodi Rell. "Led by successful entrepreneur, Andrew Greenawalt, the company is a vibrant participant in CTech@Science Park at Yale, our CI-supported technology business incubator in New Haven, and an up-and-coming member of the state's technology community." "2010 is my 10th anniversary of building high tech Connecticut businesses with CI and I’m thrilled to be continuing our great partnership with yet another exciting venture," said Andrew Greenawalt, Continuity Control’s founder and CEO. "Given the recent passage of Dodd-Frank financial reform, it is imperative for the 16,000 community banks and credit unions in this country to drive down the costs of satisfying their regulatory obligations. With our partnership, the state and private sector are working together to make this a reality through innovation."
Continuity Control has established several partnerships with technology solutions providers and has begun selling its integrated solution to small and mid-sized financial institutions that currently lack the resources they need to effectively manage policies, procedures and audits. "Continuity Control’s applications are strategic tools for reducing the total compliance cost to financial institutions," said Peter Longo, CI president and executive director. "The product offering helps customers save time and money while staying competitive in the marketplace." Anil Vasagiri, director of investments at CI, continues to represent CI on Continuity Control’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 energy initiatives 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 Control
Continuity Control’s mission is to provide a better way to manage compliance, one that’s simple, effective and affordable. Founded in 2008 by financial service, banking and compliance industry veterans seeking to simplify the process of compliance for banks and credit unions, the company has pioneered the use of collaboration and peer networking among bank, credit union and financial industry executives to create cost effective solutions that streamline, organize and manage policies, procedures and audit programs. Using a software-as-a-service (SaaS) model combined with personalized service, Continuity Control has developed an innovative, and award winning approach to automating the regulatory process for financial institutions, while at the same time offering more visibility, cost savings and operational efficiency. Contacts:
Managing Director, External Relations
Phone: (860) 257-2337 Nicole Laster
On behalf of Connecticut Innovations
Phone: (860) 839-1589 Charlyne H. McWilliams
Media contact for Continuity Control