Docupace Technologies, which develops financial document management software, has raised a $16.5 million round of capital from Palisades Growth Capital and TVC Capital.
The West L.A. financial tech and cyber security company raised the money to expand its marketing and sales efforts, as well as to add several new cybersecurity products.
Demand for software that helps financial firms manage their paperwork and stay in compliance of regulations has grown substantially since the passage of the Dodd–Frank financial-services reform bill in 2010, said Michael Pinsker, chief executive of Docupace.
“We’ve seen demand definitely expanding more because of the regulatory pressure and from competition,” he said, noting that companies are looking for ways to streamline their compliance efforts.
Growing demand for protecting financial information from cyberattacks has also caused Docupace to expand its suite of cybersecurity products, said Pinsker.
Technology reporter Garrett Reim can be reached at firstname.lastname@example.org. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
For reprint and licensing requests for this article, CLICK HERE.