Photo Credit: Censinet
Boston-based Censinet is a third-party risk management company for healthcare providers that eliminates many of the cybersecurity headaches that CIOs and CISOs have to address. Recently, Censinet announced it raised $7.8 million in Series A funding co-led by HLM Venture Partners and Cedars-Sinai Health System.
Seed investors Schooner Capital, LRVHealth, and Excelerate Health Ventures also participated in this round. And in conjunction with this round of funding, Vin Fabiani of HLM Venture Partners is joining the Censinet board of directors.
“Censinet set out to overthrow the vendor risk management status quo in healthcare, delivering a solution that is at a fraction of the time and cost of antiquated approaches,” said Censinet CEO and founder Ed Gaudet. “We’re very excited to have HLM Ventures and Cedars-Sinai join us as we help leading healthcare providers dramatically improve how they manage and reduce third-party vendor risks to patient care delivery.”
Along with this funding round, Censinet announced it launched the Censinet Platform — which is the first and only third-party risk management platform built by and for healthcare providers to manage the threats to patient care that exist within an expanding ecosystem of vendors.
Through Censinet’s unique Censinet One-click Assessment capabilities and Digital Vendor Catalog, the Censinet Platform reduces the time to assess vendor risk from weeks to seconds while automating inefficient workflows and providing continuous real-time insights into the changing risk profile of each vendor.
“Censinet solves a significant cybersecurity and risk management problem that healthcare CIOs and CISOs must address today,” added Vin Fabiani of HLM Venture Partners. “We’re excited to partner with Cedars-Sinai to help Censinet accelerate adoption for its third-party risk management platform in partnership with the world’s leading healthcare organizations.”
With this funding round, Censinet is going to build out the Censinet Platform’s vendor risk management capabilities, scale its go-to-market team, and accelerate the adoption of the Censinet Platform by healthcare providers and their vendors.
“Third-party risk management is inefficient and a costly process for the healthcare industry at a time when resources are especially scarce,” explained SVP and CIO at Cedars-Sinai Health System Darren Dworkin. “We see a big opportunity for a leader to both deliver a solution and improve compliance. Censinet’s singular focus on healthcare, their experienced team and commitment to security-first innovation position them perfectly to lead in this emerging and critical space.”
