Panorays, a rapidly growing provider of automated third-party security lifecycle management, has raised $15 million in a Series A funding round led by Oak HC/FT.
Dan Petrozzo, partner at Oak HC/FT, will join the company’s Board of Directors. Previous investors Aleph VC and security industry veteran Lane Bess, former CEO of Palo Alto Networks, 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.”
“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,” said Oak HC/FT Partner 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.”
According to a Ponemon Institute study, 61 percent of U.S. respondents reported that their organizations experienced a data breach caused by one of their third parties. The majority of respondents also indicated that they did not have sufficient resources to manage third-party relationships.
Coupled with these numbers is a rise in the percentage of third parties that share organizations’ sensitive and confidential data, from 37 percent in 2016 to 43 percent in 2018.
The Panorays SaaS platform is transforming the way companies securely do business with third parties. Until now, companies performed an arcane process of sending spreadsheet questionnaires for regulation adherence or did not have an established third-party security program.
Panorays provides the required visibility and control for companies to build and easily scale their third-party security programs through automation. By combining smart, customizable questionnaires with a continuous hacker’s view of the evaluated vendor, Panorays enables companies to dramatically speed up their third-party security evaluation process.
With this new investment, 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.
In the past year, Panorays has:
- Achieved 400% revenue growth over its previous year
- Saved companies an average of 94 percent of expenses incurred by their third-party security programs
- Successfully helped an insurance company onboard 500 vendors in just eight days instead of the typical nine weeks
- Been adopted by leading technology, software, financial, healthcare, automotive and retail companies
- Collaborated with Sompo, one of the leading global insurers, to provide third-party security visibility into their customers