Continuity Engine Expands Presence with New Round of Funding and Partnership.Compliance vendor closes funding and adds community banking association to fast growing online community NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn. -- Continuity Engine, the creator of an on-demand platform that offers solutions to the regulatory compliance process for community financial institutions, recently announced the closing of its oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. funding round with the addition of a $500,000 investment from First Round Capital. This closes the round at $1.9 million from Connecticut Innovations, First Round Capital, Launch Capital and a series of notable angel investors, including Mike Nicastro, who will be serving on the board of directors. Continuity Engine is introducing a new way for financial institutions to share best practices and using that information to simplify the compliance process. This effort is now not only supported by investments, but also a partnership with the Independent Community Bankers of Minnesota (ICBM ICBM: see guided missile. ICBM in full intercontinental ballistic missile Land-based, nuclear-armed ballistic missile with a range of more than 3,500 mi (5,600 km). Only the U.S. ). "First Round Capital represents the best of a new wave of venture firms and I'm thrilled that they see the same great opportunity with Continuity Engine that we do," said Andy Greenawalt, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Continuity Engine. Continuity Engine has also partnered with the ICBM to bring the concept of crowdsourcing to the banking industry. By leveraging the power of social media and the crowd, ICBM members will interact, share, answer each other's questions and get work done through online collaboration. "Within Continuity Engine's Control platform, bankers can organize and work on issues together," said Jim Kisch, CSO (Chief Security Officer) The person in charge of all staff members who are responsible for promulgating, enforcing and administering security policies for all systems within an enterprise or division. of Continuity Engine. "One of the ways banks and credit unions are organizing is by state and the ICBM is leading the way. The ICBM has led the independent community banks of Minnesota with its efforts in the state legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: v. so·cial·ized, so·cial·iz·ing, so·cial·iz·es v.tr. 1. To place under government or group ownership or control. 2. To make fit for companionship with others; make sociable. with other bankers." "We have been helping independent community bankers work together for nearly 50 years and now they can do it online," said Doug Krukowski, COO of ICBM. "Folks have already begun to sharing, working together and setting up groups around common needs." About Continuity Engine Founded in 2008 by Software as a Service (SaaS), banking and compliance veterans, the company has pioneered the use of collaboration and social networking See social networking site. social networking - social network among banks and credit unions to create business continuity solutions that manage policies, procedures and audit programs. Continuity Engine provides an innovative, on-demand platform for regulatory compliance, Control, that dramatically simplifies operations and can be understood by every employee of a financial institution. For more information visit www.continuity.net. |
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