The Ignyte Assurance Platform team has been awarded $100,000 from the Ohio Third Frontier Technology Validation and Startup Fund (TVSF) to develop and commercialize their cybersecurity compliance automation software.
“We are thrilled to have received this grant and to continue to drive towards our goal of fundamentally improving the way the defense industrial base complies with regulatory obligations like CMMC and FedRAMP,” said Max Aulakh, CEO of Ignyte. “To me, these kinds of awards demonstrate how important it is for the federal, public, and private sectors to have access to robust, effective compliance automation software.”
The Ohio Third Frontier is a technology-based development effort that has drawn the attention of top-tier talent and cutting-edge startup companies worldwide.
In July 2018, Ignyte gained acceptance into the Entrepreneurial Service Providers (ESP) program, an integral component of the Ohio Third Frontier initiative, serving as a thriving incubation hub for numerous high-value service providers. Ignyte secured its position within this program based on its exceptional team composition, the highly promising nature of its technological offerings, and the recognition of a vast and rapidly expanding addressable market.
Groundbreaking Cybersecurity Solution
This pivotal milestone marked the beginning of Ignyte’s journey towards innovation and growth, providing them with a supportive ecosystem to develop their groundbreaking cybersecurity solutions. As a member of the ESP program, Ignyte tapped into invaluable resources and expertise, propelling them toward their mission of enhancing cybersecurity compliance and making a substantial impact in the field.
As an integral part of the TVSF proposal process, Ignyte meticulously crafted a comprehensive business plan. This plan encompassed an integrated financial analysis, projections for team expansion, and a visionary product roadmap spanning the next 3 to 5 years. The scrutiny of Ignyte’s proposal and diligence was overseen by third-party evaluators, a panel consisting of experienced business owners, and a strategic investment group. Their role was to guarantee that only applicants exhibiting the highest degree of merit, quality, and potential impact were chosen for this prestigious grant, reinforcing the rigor and selectivity of the awarding process.
“We are the only company in program history to receive this highly competitive grant twice over the last five years,” continued Max Aulakh. “This achievement has been years in the making, and everyone at Ignyte played a part. I’m constantly impressed with what this team is capable of.”
In his remarks regarding the latest round of awards, Governor Mike DeWine, in a conversation with Launch Dayton, emphasized the transformative potential of these awarded companies. He highlighted their capacity to drive positive change by improving health outcomes, bolstering our national defense, enhancing the energy supply, and fortifying cybersecurity.
This is a testament to Ignyte’s clear strategic direction, as the state of Ohio affirmed during its evaluation that the total addressable and target markets are poised for substantial growth. This growth is substantially fueled by the rapid and ongoing innovations that companies like Ignyte bring to the table.
In this era of heightened cyber threats and evolving compliance needs, Ignyte’s innovative solutions stand as a catalyst for progress. They contribute significantly to the collective mission of creating a more secure and resilient digital landscape. Ignyte’s commitment to excellence in the cybersecurity compliance sector aligns seamlessly with the broader objectives of strengthening our state’s technological infrastructure and safeguarding its digital future.
With these accolades and recognition, Ignyte is well-positioned to continue contributing substantially to Ohio’s tech ecosystem, ensuring that the state remains at the forefront of innovation and cybersecurity excellence. Governor DeWine’s endorsement underscores the critical role companies like Ignyte play in shaping a brighter and more secure future for Ohio and beyond.
Ignyte Assurance Platform is a leader in collaborative security and integrated GRC solutions created for streamlining compliance and audit processes to enhance the organizational cybersecurity posture of both corporate and small-to-medium-size businesses. Its AI-enabled risk management software is designed to help Chief Information Security Officers (CISOs) manage cyber & regulatory risk and meet multiple regulations at once by leveraging language and intent matching. It maximizes resource time, produces real-time reports, automates the evidence-collection processes and increases overall trust in the organization’s regulatory compliance response. As a result, it has reportedly improved organizations’ efficiency and GRC efforts such as Allina Health, Cincinnati Children’s Hospital Medical Center, St. Joseph Health Hospital, Global Ordnance, Jemco, UFCU, and others.