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Print Edition StoriesWednesday, June 10, 2009
Continuity Engine lands $1.5M, with $500K from CI
By Mass High Tech staff
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Monroe, Conn.-based Continuity Engine Inc., a developer of on-demand regulatory compliance applications, has pulled in a $1.5 million round that included a $500,000 investment from Connecticut Innovations Inc. (CI).
The financing round came from backing by Continuity management, LaunchCapital and angel investors, company officials reported. CI, the quasi-public state investment authority, funded its investment in Continuity through the Seed Investment Fund.
As part of the deal, CI director of investments Anil Vasagiri will join Continuity’s board of directors.
Continuity CEO and co-founder Andrew Greenawalt said in a press release that CI’s funding participation represents the third time he will work with CI, following his previous CI involvement with Greenawalt’s former companies Perimeter eSecurity, as well as through the CTech business accelerator.
Continuity makes software-as-a-service to help financial institutions track operations and follow federal regulatory requirements.
Continuity represents the seventeenth investment that CI has made in early-stage Connecticut technology companies since July 2008.
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