New funding: Woodinville, Wash.-based Quantivate, which sells software for risk management and compliance, raised an undisclosed amount of money.
Lead investor: San Francisco-based private equity firm Luminate Capital Partners was the sole investor. Luminate’s Hollie Haynes, Scott Kingsfield and Dave Ulrich are joining the Quantivate board of directors.
Company background: Quantivate sells software to companies in regulated industries such as banking and offers a suite of products that include risk management, regulatory compliance and auditing. The startup was founded in 2005 by CEO Andy Vanderhoff, who previously helped companies prepare for disaster scenarios at Washington Mutual. Paul Rorberg is the startup’s chief technology officer.
Market opportunity: Running companies is a risky business. The global enterprise governance, risk and compliance (GRC) market is expected to grow around 13 percent annually to $64.62 billion by 2025, according to Grand View Research. Competitors in the space include Onspring, RSA Archer and SAP, among others.
CEO Perspective: “We founded Quantivate to help financial institutions automate risk management and compliance functions which historically have been siloed and manual,” Quantivate CEO Andy Vanderhoff said in a statement. “We believe that our partnership with Luminate will allow us to expand upon our foundation, accelerate product innovation, scale our team, and ultimately drive further value to our customers.”RELATED CONTENT: Check out GeekWire's list of recent Seattle and Pacific Northwest startup funding deals.