Panorays gained new funding to continue expansion.
The New York based startup raised $15 million in Series A funding led by Oak HC/FT, which will add a partner, Dan Petrozzo, to Panorays board of directors. Aleph VC and Lane Bess, a former Palo Alto Networks CEO, also participated in the round.
Panorays provides automation for third-party security lifecycle management. With its platform, companies dramatically speed up their third-party security evaluation process and gain continued visibility while ensuring compliance to regulations including GDPR and NYDFS. Clients can easily view, manage, and engage the security posture of their vendors, suppliers, partners and third party providers using its cloud based platform.
“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, in a statement. “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.”
Panorays plans to use the funding to expand its marketing and sales activities, drive research and development and to evolve the platform continuously to support growing privacy regulations and eliminate inefficient workflows.