- Third-party security lifecycle management Panorays announced that it raised $15 million in Series A funding
Panorays — a rapidly growing provider of automated third-party security lifecycle management — announced that it raised $15 million in Series A funding round led by Oak HC/FT. Oak HC/FT partner Daniel P Petrozzo is joining the company board of directors. And previous investors Aleph VC and former Palo Alto Networks CEO and Bass Ventures and Advisory principal and founder Lane Bess also participated in the round.
“Panorays is reestablishing trust between businesses by facilitating secure partnerships with companies and their third-party vendors,” said Matan Or-El, co-founder and CEO of Panorays. “Panorays’ mission is to dissipate concerns over fulfilling the necessary security requirements and rebuild trust by providing visibility and mitigating risk. We’re fortunate to have a partner like Oak HC/FT that recognizes this pain point and the dire need for businesses to speak a common security language.”
According to a study by the Ponemon Institute, 61% of U.S. respondents reported that their organizations experienced a data breach caused by one of their third parties. And the majority of respondents also indicated that they did not have sufficient resources for managing third-party relationships. There is also a rise in the percentage of third parties that share organizations’ sensitive and confidential data, from 37% in 2016 to 43% in 2018.
The Panorays SaaS platform is changing the way companies securely do business with third parties.
And until now, companies were sending spreadsheet questionnaires for regulation adherence or did not have an established third-party security program. What Panorays does is provide the required visibility and control for companies to build and easily scale their third-party security programs through automation. The company combines smart and customizable questionnaires with a continuous hacker’s view of the evaluated vendor. Plus Panorays enables companies to dramatically speed up their third-party security evaluation process.
“The increase in data privacy regulations, including GDPR and CCPA, and the growing risk of supply chain attacks are changing the way companies approach data privacy and third-party cybersecurity,” added Dan Petrozzo. “Panorays is the only platform that enables companies to quickly and easily increase cyber resilience across their supply chains without operational delays. We’re proud to back the Panorays team as they continue to make security an efficient, integrated part of companies’ daily business operations.”
With this round of funding, Panorays will expand its marketing and sales initiatives to accelerate global growth. The funding will also be used to drive research and development to continually evolve the platform to support growing privacy regulations and eliminate inefficient workflows.
To further advance its platform, Panorays collaborated with Sompo — which is one of the leading global insurers — to provide third-party security visibility into their customers.
Over the past year, Panorays achieved 400% revenue growth of the previous year. And the company also saved companies an average of 94% of expenses incurred by their third-party security programs. Plus the company also successfully helped an insurance company onboard 500 vendors in just eight days instead of the typical nine weeks. And it has been adopted by leading technology, software, financial, healthcare, automotive, and retail companies
