Riscosity — a leading software platform revolutionizing risk management and mitigation across enterprise data supply chains — announced $7 million of new funding. This funding round was led by S3 Ventures with participation from Secure Octane Investments, Firebolt Ventures, and several cybersecurity executives. And this investment accelerates the company’s ability to grow its team, expand its Third-Party Data Observability (TPDO) platform, and serve its growing base of large enterprise customers.
Compromised third-party software components like Solarwinds, Kaseya, and Apache Log4j have led to some of the most damaging data breaches of the last few years. And with the tidal wave of privacy legislation in the US, Europe, Asia, and South America, liability for such incidents is only increasing.
Anirban previously co-founded two successful cybersecurity companies: StopTheHacker and OnionID – which were acquired by Cloudflare and Thycotic, respectively. And over the last decade, software development has accelerated dramatically as developers routinely integrate third-party components to access a wide array of services, including multi-factor authentication, usage analytics, and payment processing.
With faster software development comes a magnitude increase in data supply chain complexity and risk. And as a result, security and regulatory-conscious companies now regularly vets every third party with which their own and vendors’ software integrates. This results in time-consuming reporting that slows procurement and time-to-value.
Riscosity identifies every line of source code that could transfer data to a third party automatically, which overlays key risk factors like the type of data being transferred, the recipient party, and its locality. And with third-party data observability, enterprises gain the security, visibility, and governance required to quickly develop, confidently deploy, and securely manage the software that utilizes third-party components.
KEY QUOTES:
“As software investors, we have witnessed the explosion of developers’ use of third-party components and data sub-processors—as well as the growing risks it poses to enterprises’ security and regulatory compliance. The stakes are massive and growing: a record €830 million of GDPR fines were levied last year, and this year new privacy laws go into effect in six US states—including the largest, California.”
- Aaron Perman, Partner at S3 Ventures
“Enterprises today need to inspire confidence with their customers as to how they are safeguarding their data. Being a good data custodian means having 100% observability on what data is leaving the organization, identifying policy violations, and automatically correcting them—all in real time.”
- Anirban Banerjee, Riscosity’s CEO and Co-Founder
“With a typical enterprise managing hundreds of thousands of lines of source code, getting a handle on what data is leaving the organization is extremely challenging—due to internal company silos, code ownership, and lack of traffic visibility.”
- Cherian Mathew, Partner at Firebolt Ventures
“While other products offer point solutions for Software Bills of Material (SBOM), Software Composition Analysis (SCA), or network traffic monitoring, Riscosity is the only platform that combines these capabilities—along with Third-Party Data Observability (TPDO)—in a single pane of glass.”
- Mahendra Ramsinghani, Managing Director at Secure Octane Investments
“Riscosity gets organizations from zero to 100% third-party data observability in just a few minutes. The solution is low friction to implement and trusted by large, publicly traded enterprises.”
- James Greene, Riscosity’s CTO and Co-Founder
