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 and 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 from all over the world.
In July of 2018, Ignyte was accepted into the Entrepreneurial Service Providers (ESP) program which is a part of Ohio Third Frontier and serves as a kind of incubation hub for dozens of high-value services and providers. Ignyte was accepted based on team composition, the promising nature of its technology offering, and the large, expanding addressable market.
As part of the TVSF proposal process, Ignyte presented a holistic business plan that included integrated financial analysis, team expansion projections, and a product vision for the next 3 to 5 years. The team’s proposal and diligence were conducted by third-party evaluators comprised of business owners and a strategic investment group to ensure only those applicants with the highest degree of merit, quality, and impact were selected.
“We are the only company in program history to receive this highly competitive grant twice over the last 5 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.”
Governor Mike DeWine when speaking about this recent round of awards to Launch Dayton said, “These companies have the potential to improve health outcomes, strengthen our military, improve the energy supply, and enhance cybersecurity.”
Proof positive of Ignyte’s intended direction, the state of Ohio determined during its evaluation that the total addressable market and the target market are on the verge of substantial growth powered in no small part by rapid and continuous innovations like those offered by Ignyte.
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 the efficiency and GRC efforts of organizations such as Allina Health, Cincinnati Children’s Hospital Medical Center, St. Joseph Health Hospital, Global Ordnance, Jemco, UFCU, and others.