Israeli third-party security risk management company Panorays today announced it has closed a $42 million Series B financing round led by Greenfield Partners with participation from existing investors Aleph and Oak HC/FT and new investors BlueRed Partners (Singapore), Greenspring Associates and Moneta VC.
Panorays plans to use the funds for US and international expansion and to develop additional tools to streamline security between organizations and their vendors.
The company was founded by CEO Matan Or-El, CTO Demi Ben-Ari and COO Meir Antar.
Or-El said, "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. Panorays’ innovative technology ensures that companies seamlessly work together with their vendors to minimize security risks."
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. The platform 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.
Published by Globes, Israel business news - en.globes.co.il - on September 23, 2021
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