ComplianceQuest Secures Series A Funding of $36 Million to Further Accelerate Real Cloud EQMS Digital Transformation
TAMPA, Fla., Sept. 10, 2019 /PRNewswire/ -- ComplianceQuest, a modern Salesforce-based Enterprise Quality Management System (EQMS) announced today that it has raised a $36 Million Series A round led by Insight Partners (Insight) to accelerate the company's continued global growth.
ComplianceQuest's unified suite of applications support end-to-end quality management processes in the Life Sciences and Manufacturing verticals to drive exceptional business value. Its emphasis on quality and risk management across the entire value chain, from sourcing to manufacturing to supply-chain, focuses on significantly improving revenue and bottom line. As a Salesforce-native application suite, ComplianceQuest leverages built-in AI capabilities of the Salesforce platform to help its customers see further value by not just predicting actions, but also automating mundane, repetitive, and complex tasks.
ComplianceQuest will use the investment to expand its commercial footprint globally, enter new markets, expand the capabilities of the product suite, and scale its customer success group to become world-class. Insight and ComplianceQuest share a common vision of providing next-generation, robust technology solutions to support the market's need for digital transformation.
"We are excited to partner with Insight as we share a vision for further accelerating the strong growth that we have seen over the last three years," says Prashanth Rajendran, co-founder and CEO of ComplianceQuest. "We look forward to bringing significant value to our customers in the quality, compliance, risk and safety space which is so essential to the well-being of product end-users as well as the financial health of manufacturers and service providers alike. EQMS is a rapidly growing industry, predicted to exceed USD 13.9 billion by 2025, according to a recent report by Grand View Research, Inc and we believe there is a big opportunity to build a market-leading company in this fast-growing and important cloud space."
"This strategic investment will spur additional innovations in CQ solutions that leverage AI, Predictive Analytics and the Salesforce Platform," says Atulya Risal, co-founder and CTO of ComplianceQuest. "We will realize our product vision at a more rapid pace as we strengthen our research, product, service, and support team."
ComplianceQuest has received high praise from industry analysts including:
- ComplianceQuest inducted into Inc. 5000's list of "Greatest Entrepreneurs and Fastest-Growing Private Companies in America for 2019" ranking at a very high position at #163, thus making it to the elite Inc. 500, a subset of Inc. 5000 inductees.
- Frost & Sullivan recognized ComplianceQuest with the 2019 North America Customer Value Leadership Award
- Gartner recognizes and includes ComplianceQuest in its Market Guide for Quality Management System Software. ComplianceQuest is the youngest company on the list.
"ComplianceQuest leverages the Salesforce Platform to provide a robust EQMS platform that is born in the cloud, compared to many vendors who started with and continue to deliver on-premise solutions. CQ's system features built-in integrations and AI capabilities to help global enterprises drive value," said Peter Sobiloff, Managing Director at Insight Partners. "We're excited to work with the seasoned executive team at ComplianceQuest to provide them with both capital and operational support to rapidly meet the growing demand for their platform."
As part of the transaction, Insight Partners' Peter Sobiloff, Managing Director, and Jon Rosenbaum, Vice President, will join the company's Board of Directors.
ComplianceQuest is the fastest growing, 100% modern cloud Enterprise Quality Management System (EQMS) natively built and run on the Salesforce platform. Delivering best-in-class out-of-the-box solutions, ComplianceQuest fast-tracks an organization's efficiency, safety, and overall performance by combining enterprise quality, compliance, collaboration and communication across the product value chain. Suitable for emerging growth companies and scalable and flexible to meet the needs of all enterprise organizations, ComplianceQuest is easy to implement, validate, and use. Our team of domain experts is committed to innovation, product excellence and to the success of our customers. For more information, visit ComplianceQuest's website at www.compliancequest.com or follow us on LinkedIn https://www.linkedin.com/company/3653494, on Facebook @compliancequest or Twitter @compliancequest.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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