TEDCO-backed Sybal Corp., which offers compliance software, has secured $225,000 in debt financing.
The Bethesda, Md.-based, which calls itself the “Proof of Governance Company,” received an undisclosed amount in seed funding from the Maryland Technology Development Corp. in August, valuing the startup at $7 million. Sybal was also named to TEDCO’s 2024 Small Business Association Federal and State Technology Partnership Program (FAST) SBIR/STTR Proposal Lab cohort.
Founding Duo
Founded by the wife-husband duo of Christine Sanni and Ikhelowa (Ike) Sanni, Sybal helps regulated entities prove the state of their governance by measuring the effectiveness of their policies. Christine serves as CEO, while Ike is chief strategy officer.
Christine has over a decade’s experience in technology, having worked for companies in the telecommunications and channel distribution sector. In 2018, she won the LEAD award from the Alliance of Channel Women. The next year, she was the recipient of Channel Partners’ Circle of Excellence award.
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Ike is a former commodity trading advisor, with experience operating businesses with oversight from regulating bodies such as the CFTC, NFA and SEC. He and Christine invented the company’s Proof of Governance model. Sybal points to compliance’s importance to organizations by citing a stat — the average cost for a single event of non-compliance is $4 million, not including lost revenue.
Breakthrough
Earlier this year, Sybal received the “awardable” status in the U.S. Department of Defense’s Tradewinds Solutions Marketplace. The recognition gives it the opportunity to bid for DoD projects. Tradewinds is designed to accelerate the procurement and adoption of artificial intelligence and machine learning, data and analytics capabilities.
“After years of focusing our efforts to understand the problem we are solving, the roles that will benefit, and the importance of bringing this innovation to market, our AWARDABLE status validates the market need and affirms the importance of our work,” Christine said at that time. “As an ‘Awardable’ solution to the Department of Defense, our status will help accelerate the procurement of Proof of Governance across DoD missions.”
