Automated third-party security lifecycle management provider Panorays this week announced it raised $15 million as part of a Series A funding round.
The funding, the company says, will help it expand marketing and sales initiatives, speed up its global expansion, and evolve its Security-as-a-Service (SaaS) platform to adapt to growing privacy regulations and eliminate inefficient workflows.
Panorays provides customers with a SaaS platform to accelerate third-party security evaluation processes. The platform promises a 360° view of the supplier, both testing it for weaknesses and ensuring it complies with security policies and practices.
The percentage of third parties sharing an organization’s sensitive and confidential data has increased from 37% in 2016 to 43% in 2018, and Panorays seeks to help companies mitigate that risk.
Through its SaaS platform, Panorays delivers the visibility and control companies need when looking to build and scale third-party security programs through automation.
Customizable questionnaires are combined with a continuous hacker’s view of the evaluated vendor to help companies speed up their third-party security evaluation process.
Panorays, which has already seen adoption from technology, software, financial, healthcare, automotive, and retail companies, says it has experienced a 400% revenue growth over its previous year and claims to have helped customers save an average of 94% of expenses incurred by third-party security programs.
Related: Detectify Raises $23.7 Million in Series B Funding Round
Related: Clumio Completes $135 Million Series C Funding Round
Related: Security Automation Firm ZecOps Raises $10 Million in Seed Funding
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