– USA, NY – Panorays, a rapidly growing provider of automated third-party security lifecycle management, has raised $15 million in a Series A funding round led by Oak HC/FT.
Dan Petrozzo, partner at Oak HC/FT, will join the company’s Board of Directors.
“The increase in data privacy regulations, including GDPR and CCPA, and the growing risk of supply chain attacks are changing the way companies approach data privacy and third-party cybersecurity,” said Oak HC/FT Partner Dan Petrozzo. “Panorays is the only platform that enables companies to quickly and easily increase cyber resilience across their supply chains without operational delays. We’re proud to back the Panorays team as they continue to make security an efficient, integrated part of companies’ daily business operations.”
Previous investors Aleph VC and security industry veteran Lane Bess, the former CEO of Palo Alto Networks, also participated in the round.
“Panorays is reestablishing trust between businesses by facilitating secure partnerships with companies and their third-party vendors,” said Matan Or-El, co-founder and CEO of Panorays. “Panorays’ mission is to dissipate concerns over fulfilling the necessary security requirements and rebuild trust by providing visibility and mitigating risk. We’re fortunate to have a partner like Oak HC/FT that recognizes this pain point and the dire need for businesses to speak a common security language.”
With this new investment, Panorays will expand its marketing and sales initiatives to accelerate global growth. The funding will also be used to drive research and development to continually evolve the platform to support growing privacy regulations and eliminate inefficient workflows.
The Panorays SaaS platform is transforming the way companies securely do business with third parties. Until now, companies performed an arcane process of sending spreadsheet questionnaires for regulation adherence or did not have an established third-party security program. Panorays provides the required visibility and control for companies to build and easily scale their third-party security programs through automation. By combining smart, customizable questionnaires with a continuous hacker’s view of the evaluated vendor, Panorays enables companies to dramatically speed up their third-party security evaluation process.
About Panorays
Panorays automates third-party security lifecycle management. With the Panorays platform, companies dramatically speed up their third-party security evaluation process and gain continuous visibility while ensuring compliance to regulations such as GDPR and NYDFS.
It is the only platform that enables companies to easily view, manage and engage on the security posture of their third parties, vendors, suppliers and business partners. Panorays is a SaaS-based platform, with no installation needed.
For more information: https://www.panorays.com
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco.
For more information: http://oakhcft.com
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