Chennai and US-based FixNix Inc, an inventor of SaaS-based Governance, Risk and Compliance platform for enterprises, has secured USD 500,000 in a pre-Series A round of funding led by Chief Information Officer of Tesla Jay Vijayan. The round also saw participation from four other investors from Singapore and San Francisco.
Tesla’s Vijayan wrote the large cheque of the round after some bit of getting hands dirty on the product. He tracked the company since he judged them as winners in a tough competition amongst all global Tamil startups in Tamil Entrepreneur Forum last year.
He felt Governance, Risk & Compliance democratization is not one time problem and added that the Salesforce for GRC industry is still not there yet . Seen Tesla Motors internal IT products tailored Jay Vijayan decided that GRC like B2B products need handholding for growth Market & SMB . Seeing the company’s vision ‘Dent #GRC world thro intuitive, quick Return of Investment’ for couple of quarters by analysing the platform, felt he need to lead the pre-series 1.5M with his angel $. He joined them in their advisory council to guide on strategy, vision, execution, growth & direction.
FixNix announced today that part of the proceeds for this pre-series A came from equity crowdfunding to finish the development of their revolutionary GRC Analytics. The company is in talks to raise further 1 million through private placements and strategic investors like a US bank, to launch the analytics, SaaS GRC to all markets that is going to change the GRC market.
The company has won many laurels post it’s Nasscom Innotrek trip incubation in silicon valley. It was one of the four who got selected by RSA as most innovative security products all across asia in their RSA APAC Innovation Sandbox. FixNix, the Governance, Risk and Compliance as a service company with 1,500 users, got rewarded with $100,000 angel cheque from a silicon valley security product company as part of that.
The funding is significant, especially given its total to date was 100,000$ and it was extremely bootstrapped to the tune of 250,000$ with debt mortgage support from state and central government. The company has taken a conscious bootstrap route in the lines of the mentor Zoho Sridhar Vembu for validating the problem well enough. Sources say that this pre-series A was done at $13.5M valuation.
The public SaaS version which was launched in June 2015 has 213+ companies with 1000s of customers streamlining their internal audit, risk management practice.
On the enterprise cloud offering, the company has partnered with an RBI through it’s entity IDRBT, Hyderabad to serving all 400+ financial institutions of the country. FixNix has pioneered Public-Priavte Partnership (PPP) innovating on the product delivery by having the product delivered to all banks through RBI cloud itself. Till to date FixNix is the only one who have officially partnered with Reserve Bank of India (RBI) with continued efforts.
Governance, Risk & Compliance issues come in through a variety of channels, including phone, web, email and chat, as well social channels, among others. FixNix helps manage and prioritize the compliance issues and them to auditors.
Shanmugavel, founder who liked to be called chief nixer, told me that the company has plans to move its core operations to Chennai from it’s current base to be with the rest of the SaaS industry friends like Zoho, Freshdesk. By 2016 the company is planning to raise its series A after validating few new markets . Temasek has expressed interest as there was a referral from end user entities from Singapore Govt. The company is planning for additional products in the future like GRC analytics, and he believes the fact that they are innovation and bootstrapping helped them to remain independent for long to innovate and it is helping from a funding standpoint with decent valuation. Senthil Nayagam who is the founder of the “ruby on rails” Thoughtworks of India, RailsFactory joined
fulltime with FixNix as their Chief Technology Officer with significant interest to upscale the engineering problems starting Jan 2016.
FixNix enterprise customers include State of California, Cipla, Tata Motors and many banks through RBI Partnership.
FixNix Inc., was set up in USA on July 2014, the Indian R&D was in place before that for a year and half, Singapore entity got formed to formulate the strategies of the new APAC market.