Continued funding will extend company's sales and customersupport capabilities
Rocky Hill, Conn., July 24, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance, today announced that it has made a $1 million follow-on investment in Continuity Control Inc. of New Haven, Conn., through its Eli Whitney Fund. CI’s investment was part of a $2 million Series B funding round that also included existing investor LaunchCapital and individual investors.
Continuity Control is a financial technology company offering the only comprehensive compliance management software platform on the market today for community banks and credit unions. Continuity Control’s award-winning technology significantly reduces the resources a community financial institution must use to achieve regulatory compliance.
“Continuity Control weathered the challenges in the banking industry and emerged to achieve significant revenue and client growth, thanks to strong leadership, innovative products and a sound business strategy,” said Claire Leonardi, chief executive officer and executive director of CI. “This is the sort of young company Governor Malloy is eager to cultivate and grow here in Connecticut. We are delighted to help Continuity Control advance to its next stage.”
The new investment round will enable Continuity Control to provide the same level of exemplary service to its new clients that it has to its existing client base and to extend its sales and marketing activities. The funding will also allow the company to move from CI’s CTech@Science Park at Yale incubator space into its own offices in downtown New Haven.
“CI has been a phenomenal partner from the beginning, continuing to support the company through investment, participation on our board and the incubator itself,” said Andrew Greenawalt, founder and CEO of Continuity Control. “They have been a patient investor, staying with us through the well-known challenges in the banking industry and into hyper-growth. CI has been at our side the whole way.”
“Connecticut must continue investing in companies like Continuity Control that generate promising new technological advances because these firms will play a lead role in a vibrant, 21st century economy,” Sen. Toni N. Harp (D-New Haven) said. “I’m delighted to know Connecticut Innovations has chosen to supplement its earlier investments in this company, this time in support of expansion into the New Haven area, because this commitment will continue our region’s growth in the information technology and financial services sectors of our economy.”
This is CI’s fourth investment in the company. CI previously made a seed investment of $500,000 in 2009 and made two follow-on investments of $250,000 each in 2010 and 2011 in Continuity Control.
Robin Mayo, CI managing director of investments, represents CI on Continuity Control’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI’s initiatives are designed to grow the state’s economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.
About Continuity Control
Continuity Control is an award-winning compliance platform that combines advanced software with personalized service to help community financial institutions effectively manage their regulatory burden. Founded in 2008 by distinguished technology, banking, and compliance specialists, Continuity Control’s platform effectively reduces the resources a bank or credit union must spend on compliance while ensuring that it passes regulatory muster. Built just for smaller banks and credit unions, Continuity Control is the most comprehensive compliance management platform on the market today for community financial institutions. For more information, visit www.continuity.net.