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.”
Related: Cyber Risk Management Firm Safe Security Raises $33 Million
Related: Cyber Risk Management Firm Brinqa Raises $110 Million
Related: Risk Assessment Company CyCognito Raises $30 Million
Related: Living Security Raises $14 Million for Its Human Risk Management Platform
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.
More from Eduard Kovacs
- Intel Boasts Attack Surface Reduction With New 13th Gen Core vPro Platform
- Dole Says Employee Information Compromised in Ransomware Attack
- High-Severity Vulnerabilities Found in WellinTech Industrial Data Historian
- CISA Expands Cybersecurity Committee, Updates Baseline Security Goals
- Exploitation of 55 Zero-Day Vulnerabilities Came to Light in 2022: Mandiant
- Organizations Notified of Remotely Exploitable Vulnerabilities in Aveva HMI, SCADA Products
- Waterfall Security, TXOne Networks Launch New OT Security Appliances
- Hitachi Energy Blames Data Breach on Zero-Day as Ransomware Gang Threatens Firm
Latest News
- Intel Co-founder, Philanthropist Gordon Moore Dies at 94
- Google Leads $16 Million Investment in Dope.security
- US Charges 20-Year-Old Head of Hacker Site BreachForums
- Tesla Hacked Twice at Pwn2Own Exploit Contest
- CISA Ships ‘Untitled Goose Tool’ to Hunt for Microsoft Azure Cloud Infections
- Critical WooCommerce Payments Vulnerability Leads to Site Takeover
- PoC Exploit Published for Just-Patched Veeam Data Backup Solution Flaw
- CISA Gets Proactive With New Pre-Ransomware Alerts
