US-headquarted and Chennai-based FixNix Inc., a software as a Service (SaaS)-based governance, risk and compliance (GRC) platform for enterprises, has secured $500K in its Pre-Series A round of funding led by Tesla Chief Information Officer Jay Vijayan and four other investors from Singapore and San Francisco.
The company is in talks to raise additional $1 Mn in its Pre Series A through private placements and strategic investors. Part of the proceeds for the pre-series A came from equity crowd funding. And it will utilise the funds to finish the development of their GRC analytics.
With this, Vijayan will join FixNix in their advisory council to guide on strategy, vision, execution, growth & direction.
The Idea and Need
FixNix was founded by Shanmugavel Sankaran. It was born as a solution to the problem that Shanmugavel faced while working with another startup as their Chief Information Security Officer (CISO). He was looking to buy a solution at an affordable budget for this startup but could not find an affordable option.
With a vision to democratise Governance, Risk & Compliance (GRC) solutions at affordable rates, he started FixNix. The startup aims to provide GRC solutions to growth markets like India and Africa.