FixNix, a SaaS-based GRC (governance, risk management, and compliance) platform rises $500,000 in the Pre-Series   A funding

FixNix is a Chennai based tech startup that raised $500,000 in recent funding, bootstrapping from past three years.  The startup offers online Risk Management platform with cutting edge features. The startup is also further looking to raise around $1million in the Pre-Series A and $15million in Series A in the coming time.

The pre-series round was led by Tesla CIO Jay Vijayan. The company will be using the pre-series A funds to complete the GRC Analytics. It provides NiXAUDIT and NixRISK under GRC module. NixAUDIT is an audit management platform offering planning & scheduling audit programs. It is accounted with iiA standards. NixRISK provides a platform where business can visualize the risk levels.

The funds will be used to increase team size. FixNix has it’s headquarter located in US and the company plans to move all the important operations to Chennai. FixNix has launched its first version of public SaaS in last year in June and more than 200 companies are using it. The company has also tied up with IDRBT to serve around 400 financial institutes around India.

CEO of FixNix Shanmugavel Sankaran stated that the next funding would help the company to expand in Chennai. It will also used boost to capture more market, improve technology and enhance the product by team expansion. It has participated and won in Microsoft Bizspark Challenge for the Tamil Nadu region.

Takeaways:

• FixNix raised $500,000 in the Pre-series  A funding and plans to raise $15million in Series   A funding in the future.
• The funds will be utilized to expand team, product development and technology.
• The company has earned around $500,000 in the past three years.