Third-party security risk management platform Panorays has collected $42m in its Series B funding round.
The round was led by Greenfield Partners, with commitments also coming from Aleph, Oak HC/FT, BlueRed Partners, Greenspring Associates and Moneta VC.
With the funds, the FinTech company will expand in the US as well as other international markets. Equity will also go towards the development of new tools to streamline security between organisations and their vendors.
In the past year, 77% of organisations experienced at least one breach within their supply chain, according to a report from Interos. The average was two per organisation.
Furthermore, a survey from Panorays found that one-third of organisations work with over 500 suppliers and 33% believe a third-party breach is likely in the next year.
Panorays delivers an automated third-party security platform that manages the entire process from inherent to residual risk, remediation and ongoing monitoring. Since 2019, Panorays has witnessed a 500% growth in its client base.
Unlike other solutions, Panorays claims its technology combines automated, dynamic security questionnaires with external attack surface assessments and business context. By doing this, the company has an accurate view of supplier cyber risk.
Greenfield Partners partner Avery Schwartz said, “Third-party security is quickly becoming a board-level issue, and the ability to credibly assess, continuously monitor and clearly report on an organization’s posture vis-à-vis its third parties in a context-aware manner will be table stakes in the near future.
“Panorays delivers that and more to enterprises, while at the same time facilitating increased trust with vendors in order to reduce onboarding friction significantly.”
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