Panorays, a New York-based company provider of third-party security risk management solutions, raised $42M in Series B funding.
The round was led by Greenfield Partners with participation from existing investors Aleph and Oak HC/FT as well as new investors BlueRed Partners (Singapore), Greenspring Associates and Moneta VC.
The company intends to use the funds to expand in the U.S. and internationally, as well as innovate and develop additional advanced tools to streamline security between organizations and their vendors.
Led by Matan Or-El, CEO, Panorays provides third-party security risk management software, offered as a SaaS-based platform. The company offers an automated, comprehensive and a third-party security platform that manages the whole process from inherent to residual risk, remediation and ongoing monitoring. Panorays combines automated, dynamic security questionnaires with external attack surface assessments and business context to provide organizations with an accurate view of supplier cyber risk. The platform automates, accelerates and scales customers’ third-party security evaluation and management process, enabling collaboration and communication between companies and suppliers.
The company serves enterprise and mid-market customers primarily in North America, the UK and the EU, and its services have been adopted by leading banking, insurance, financial services and healthcare organizations, among others.