Chennai and Silicon valley-based SaaS GRC (governance, risk management, and compliance) platform, FixNix raised Pre-series A funding of $500,000 led by Jay Vijayan, CIO of Tesla Motors. A few other Silicon Valley-based angel investors also participated in the round.
The funding will be used towards expansion within Chennai and other markets, technology and product development and for expanding the team. Jay Vijayan has joined the FixNix Board in an advisory capacity.
The company, which has operations in Chennai and US, has been bootstrapping for close to three years and this is its first major round of funding. Jay Vijayan said it was his belief that B2B GRC products need handholding to break into the market that led him to invest in the startup.
The FixNix team claims to have generated revenue of $500,000 in the over three years of its existence. In March last year, the team closed a public-private partnership deal with the RBI.
The team consists of three executives and a 15-member engineering team. With this round of funding, FixNix is looking to hire over 35 people in Chennai and few in the Valley.
A Deloitte paper defined GRC as “an integrated, holistic approach to organisation-wide governance, risk and compliance ensuring that an organisation acts ethically correct and in accordance with its risk appetite, internal policies and external regulations through the alignment of strategy, processes, technology and people, thereby improving efficiency and effectiveness.” GRC software essentially automates the documentation and processes of compliance and risk management linked to corporate governance.