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Third-Party Risk Management Firm Panorays Raises $42 Million

Third-party risk management solutions provider Panorays on Thursday announced raising $42 million in a Series B funding round.

The funding was led by Greenfield Partners, with participation from Aleph, Oak HC/FT, BlueRed Partners (Singapore), Greenspring Associates (acquired by StepStone Group), and Moneta VC. The New York- and Israel-based company says it will use the money to develop new tools and to expand in the U.S. and internationally.

Panorays previously raised $15 million in a Series A funding round announced in December 2019.

The company offers solutions designed to help organizations eliminate security risks associated with third-party vendors. Its SaaS platform provides supplier assessment, engagement, and monitoring capabilities.

Panorays says its customers include banking, financial services, insurance, and healthcare organizations in North America, the European Union and the United Kingdom.

“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, CEO and co-founder of Panorays. “Panorays’ innovative technology ensures that companies seamlessly work together with their vendors to minimize security risks.”

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.