Panorays Closes $42 Million Series B Funding Round
Panorays, a third-party security risk management specialist, 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 company said the investment will fuel its growth and its mission to transform third-party security risk management.
Panorays intends to use the funds to expand in the US and internationally, as well as innovate and develop additional advanced tools to streamline security between organisations 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 minimise security risks.”
Avery Schwartz, partner at Greenfield Partners, added: “Third-party security is quickly becoming a board-level issue, and the ability to credibly assess, continuously monitor and clearly report on an organisation’s posture vis-à-vis its third parties in a context-aware manner will be table stakes in the near future. 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 percent of organisations have suffered at least one cyber breach within their supply chain over the past year, with an average of two per organisation. In addition, a recent survey by Panorays found that one-third of organisations work with more than 500 suppliers, and 33 percent of respondents said that they believe that a third-party data breach is likely within the next year. Panorays said it has seen a 500 percent growth in its client base since its last funding round at the end of 2019.
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