Panorays Raises $15 Million Series A to Accelerate Third-Party Security Management
Summary
NEW YORK--(BUSINESS WIRE)--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. Previous investors Aleph VC and security industry veteran Lane Bess, former CEO of Palo Alto Networks, also participated in the round. Were 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.” “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. We’re proud to back the Panorays team as they continue to make security an efficient, integrated part of companies’ daily business operations.” According to a Ponemon Institute study, 61 percent of U.S. respondents reported that their organizations experienced a data breach caused by one of their third parties. 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.