Vendor Security Platform Whistic Closes $12 Million

By Noah Long ● July 29, 2020
  • Whistic — a proactive vendor security platform for both buyers and sellers — announced that it has raised $12 million in Series A funding led by Emergence

Whistic — a proactive vendor security platform for both buyers and sellers — announced that it has raised $12 million in Series A funding led by Emergence with participation from Album VC and existing investors. This round of funding will be used to scale operations and continue to hire top talent.

Whistic drastically reduces the time it takes for buyers and sellers to develop trusted relationships founded on transparency, security, and privacy.

During a time when security and privacy are at the forefront of every business transaction, Whistic reduces friction by automating and streamlining security reviews thus enabling InfoSec teams to rapidly understand the security and compliance posture of a given company and sales teams to proactively share their posture with customers.

The funding round underscores exceptional growth for Whistic. Since launching in 2019, The Whistic Trust Catalog has grown 30 times, now with more than 14,000 company profiles that are accessible on-demand. And profile shares and assessment requests have grown 3X year-over-year. The company’s rapidly growing world-class customer base includes Airbnb, Okta, Betterment, Qualtrics, Finicity as well as some of the top healthcare, manufacturing, energy, and education companies in the U.S.

Whistic has recently expanded its partnership with some of the industry’s most respected organizations including FICO, BitSight, RiskRecon, and the Cloud Security Alliance. And these partnerships provide trusted third-party information which is visible alongside data published by the vendor, providing a more complete and validated picture of each vendor’s security posture.

Plus Whistic is also announcing a new integration that empowers sales teams to proactively share their Whistic Profile with customers directly from Salesforce, dramatically simplifying the security questionnaire process and establishing trust early in the sales cycle. And customers have reported dramatic decreases in sales cycles, often by over one month. And security review turnaround times have dropped from four weeks to one day.

As part of the growth, Whistic recently welcomed two new senior executives: VP Product Duane Newman VP Marketing Tom Rhoton — who come to the company from tenured roles at Symantec. Newman was previously Sr. Director of Product Management and brings strong experience in building and guiding product strategy. And Rhoton was VP Global Digital Marketing and Marketing Operations where he led all direct marketing efforts.

Emergence’s Gordon Ritter currently serves as the Chairman of Veeva Systems and Carlotta Siniscalco is a Senior Associate. Both of them will join the Whistic Board of Directors as a part of this funding round.

KEY QUOTES:

“As more companies are realizing the importance of generating trust with their customers and validating trust with their third-parties, we are excited to offer a new, proactive approach to vendor security. The alliance with Emergence enables us to continue to accelerate our growth and develop new ways for companies to evaluate security postures and build trust.”

— Whistic CEO Nick Sorensen

“We’re excited to have Whistic join our family of market-defining companies at a time when quickly building and verifying trust is critical. The value the platform delivers for customers is unparalleled and we are looking forward to creating a new fabric of trust that speeds up the pace of business globally.”

— Gordon Ritter, Emergence Founder and General Partner

“Speed is important to us, and Whistic allows us to find information quickly. Recently we had a very short timeline to assess a vendor, and we learned that they already have a profile in Whistic. We were able to turn it around by the end of the week.”

— Genevieve Buckley, Senior Manager of Security Assurance at Okta

“Security reviews move much faster, especially when others are part of Whistic already so we can take advantage of the double-sided marketplace that the platform offers. Increasing the speed of reviews is important because it saves person hours, freeing time for us to work on other initiatives.”

— Nate Jones, Security Program Manager at Airbnb