Funding Comes on the Heels of 500% Growth in Client Base
Panorays, a leading provider of third-party security risk management, announced it has closed a $42 million Series B funding round led by Greenfield Partners with participation from existing investors Aleph and Oak HC/FT as well as new investors BlueRed Partners (Singapore), Greenspring Associates (which was recently acquired by StepStone Group) and Moneta VC. The investment will support the company’s growth as the global standard in transforming third-party security risk management, and the fastest and easiest way for companies to do business together. Panorays intends to use the funds to expand in the U.S. and internationally, as well as innovate and develop additional advanced tools to streamline security between organizations and their vendors.
“In the wake of a tumultuous year in the industry, with numerous supply chain attacks including SolarWinds, Accellion, Kaseya and Codecov, businesses are searching for a solution to manage third-party security risk,” said Matan Or-El, Co-Founder and CEO of Panorays. “Panorays’ innovative technology ensures that companies seamlessly work together with their vendors to minimize security risks.”
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“Third-party security is quickly becoming a board-level issue, and the ability to credibly assess, continuously monitor and clearly report on an organization’s posture vis-à-vis its third parties in a context-aware manner will be table stakes in the near future,” said Avery Schwartz, Partner at Greenfield Partners. “Panorays delivers that and more to enterprises, while at the same time facilitating increased trust with vendors in order to reduce onboarding friction significantly.”
According to a recent Interos report, 77% of organizations have suffered at least one cyber breach within their supply chain over the past year, with an average of two per organization. In addition, a recent survey by Panorays found that one-third of organizations work with more than 500 suppliers, and 33% of respondents said that they believe that a third-party data breach is likely within the next year. These facts have underscored the need for Panorays’ technology, evidenced by a 500% growth in its client base since its last funding round at the end of 2019.
Panorays offers an automated, comprehensive and easy-to-use third-party security platform that manages the whole process from inherent to residual risk, remediation and ongoing monitoring. Unlike other solution providers, Panorays combines automated, dynamic security questionnaires with external attack surface assessments and business context to provide organizations with a rapid, accurate view of supplier cyber risk. It is the only such platform that automates, accelerates and scales customers’ third-party security evaluation and management process, enabling easy collaboration and communication between companies and suppliers, resulting in efficient and effective risk remediation in alignment with a company’s security policies and risk appetite.
The company was recently named a Strong Performer in The Forrester New Wave™: Cybersecurity Risk Ratings Platforms, Q1 2021 evaluation. The analyst report found that Panorays “differentiates with its complete questionnaire capabilities, accuracy and workflow. The risk context delivered by Panorays combines human factors, questionnaire management for third parties and a simple-to-use fourth-party discovery feature.”
In addition, Panorays was included in a recent Gartner report, “Navigating the Vendor Risk Management Solution Market,” as part of its new “Cyber VRM” category. This recognizes the growing demand for third-party cybersecurity management and Panorays’ unique solution.
In the past year, Panorays has also:
- Added tens of thousands of new suppliers to its system for both security questionnaires and external attack surface assessments
- Grown its employee base by 42%
- Created its 360° Partner Program
- Achieved SOC 2 Type II Attestation
- Shortened the time organizations took to complete questionnaires from an average of 9 weeks to 9 days
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