Emerging from stealth, Vendict, an Israeli technology startup, has broken into the scene, intent on harnessing generative artificial intelligence (AI) to bolster security compliance teams.
Vendict has successfully secured funding of $9.5m in a round led by NFX, Disruptive AI, and Cardumen Capital. The co-founders, industry veterans Udi Cohen, serving as CEO, and Michael Keslassy, the CTO, will direct the use of these funds to further their business goals.
The startup aims to streamline the process for technology vendors striving to meet their security requirements, thus aiding in the easier adoption of new technology. Presently, security questionnaires are manually completed by prospective vendors, a laborious process that Vendict seeks to automate using generative AI. This approach is set to save countless work hours, expedite the sales process, and offer a competitive edge to clients.
The funding will serve to fuel Vendict’s unique combination of security expertise and AI innovation. Their primary goal is to build the world’s first AI model that understands and applies security language, enabling security and GRC teams to reduce risks, save time, and accelerate sales cycles.
NLP and Generative AI have been identified as key technologies that will revolutionise security questionnaires, automating all forms of compliance tasks. Prior to the latest advancements in AI, Vendict’s team already had the foresight to recognise the significance of this NLP/AI combo in revamping security compliance.
Disruptive AI Venture Partner Gadi Tirosh expressed his confidence in Vendict’s approach. He said, “We recognised that Vendict effectively addresses a genuine issue related to establishing trust among buyers, sellers, and regulators. Their solution innovatively combines their unique AI technology with precise utilisation of generative AI techniques.” NFX General Partner Gigi Levy Weiss echoed this sentiment, highlighting the expertise of Udi Cohen and Michael Keslassy in revolutionising security compliance.
Vendict, co-founded by Udi Cohen and Michael Keslassy, was established two years ago with the objective of solving vendor risk management issues. To date, this recent fundraise is the most significant investment into the startup’s vision of eliminating vendor screening pains, enabling continuous monitoring of an organisation’s security posture, and utilising the power of generative AI to derive data insights and aid informed decision-making.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global