- Multi-tier and multi-factor third-party risk management platform company Interos announced it raised $17.5 million in Series B funding
Multi-tier and multi-factor third-party risk management platform company Interos announced it raised $17.5 million in Series B funding to accelerate data science and engineering growth, expand personnel, and boost sales to drive commercial momentum for its leading risk management platform. This funding round was led by first-time investor Venrock with participation from Kleiner Perkins.
This round of funding comes as Interos triples its headcount and increased annual recurring revenue by 700%. Plus the company hiked SaaS subscription bookings by 693% in 2019.
With this funding round, Interos expects to capitalize on last year’s growth and more than double its personnel in 2020 along with hiring more staff to augment its proprietary software — which exposes critical risks in the global supply chain for leading private and public sector customers.
This funding round comes on the heels of a strong 2019 for Interos. And the funding positions Interos as a leader in third-party risk management.
Risk leaders are using Interos to accelerate due diligence, eliminate environment, social and governance (ESG) risk, and ensuring the resilience of the world’s most complex supply chains.
Recently, Interos also added cybersecurity and risk expert Phil Venables to its board of directors. And Venables’ career includes previously serving as Goldman Sachs’ first Chief Information Security Officer and Head of Technology Risk and as its Chief Operational Risk Officer.
Before working at Goldman Sachs, Venables was the Chief Information Security Officer at Deutsche Bank. Venables serves on the Executive Committee of the U.S. Financial Services Sector Coordinating Council for Critical Infrastructure Protection, is co-chair of the Board of Sheltered Harbor, and is a member of the boards of the Center for Internet Security and the NYU Tandon School of Engineering. Plus he is also an advisor to the cybersecurity efforts of the U.S. National Research Council and the Institute for Defense Analyses.
Interos has worked with the U.S. Department of Defense, NASA, and Department of Energy critical infrastructure. And Interos uses machine learning to build and maintain the world’s largest knowledge graph of over 50 million relationships to discover and monitor the entirety of a supplier ecosystem.
Every month, Interos ingests over 85,000 information feeds and processes over 250 million risks a month. And Interos instantly visualizes the most complex multi-tier relationships, updating and alerting to changes in risk along five factors: financial, operations, governance, geographic, and cyber.
Key Quotes:
“After a strong 2019, this funding shows Interos has already secured major support in 2020 from the world’s most successful investors. Like our customers, investors see the value of the Interos platform, which is critical for global businesses in 2020. From events like the coronavirus to political unrest, companies need a platform that exposes risks and identifies how events affect suppliers around the world the moment they happen.”
-Jennifer Bisceglie, CEO and founder of Interos
“Interos is one of the most compelling big data and AI companies I’ve come across in the last decade. Over the last 20 years, global supply chains have grown so rapidly and with so much opacity that most companies don’t know who they’re working with or who they’re dependent on. There’s so much data to gather to fully understand those risks, and Interos helps companies address these urgent, strategic issues with a brand new set of capabilities.”
-Nick Beim, partner at Venrock
“In today’s interconnected world, Interos is bringing clarity to the muddled, confusing nature of supplier relationships. By automating due diligence, leveraging sophisticated technology and exposing vital risks, Interos shines a light on an otherwise opaque global supply chain.”
-Ted Schlein, partner at Kleiner Perkins
