Panorays offers a SaaS-based third-party security risk management platform that automates the entire process from inherent to residual risk, remediation and ongoing monitoring. The platform combines automated, dynamic security questionnaires with external attack-surface assessments and business context to produce an accurate view of supplier cyber risk. Panorays' tools are designed to automate, accelerate and scale customers' third-party security evaluation and management, enabling collaboration and communication between organizations and their vendors. 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. Led by CEO Matan Or-El, Panorays intends to use the new funding to expand in the U.S. and internationally and to develop additional advanced tools to streamline security between organizations and their vendors. Panorays offers a SaaS platform that automates third-party security lifecycle management, combining smart, customizable questionnaires with a continuous hacker’s view of evaluated vendors to provide visibility and control. The platform requires no installation and is designed to accelerate and scale third-party security programs while helping companies ensure compliance with regulations such as GDPR and NYDFS. Panorays replaces spreadsheet-based assessments and aims to make third-party security evaluation faster and more efficient. The company reported 400% revenue growth year-over-year, says it has saved customers an average of 94% of third-party security program expenses, and helped an insurer onboard 500 vendors in eight days. Its customer base spans technology, software, financial, healthcare, automotive and retail companies, and it has collaborated with insurer Sompo. Panorays plans to use the new funding to expand marketing and sales for global growth and to drive R&D to evolve the platform for growing privacy regulations and eliminate inefficient workflows. Panorays offers a SaaS platform that automates third-party security management and provides continuous, no-install monitoring of attack-surface changes. The platform automates thousands of activities that mimic hacker behavior, combines findings with policy enforcement and big-data analytics, and produces context-based ratings and actionable intelligence. Panorays says customers can shorten third-party security evaluations by as much as 93% while ensuring compliance with regulations such as GDPR and NY DFS. It targets financial services, healthcare, automotive, technology and retail, and through its customers has evaluated more than 10,000 third-party companies. The company was co-founded by Matan Or-El, Meir Antar and Demi Ben-Ari, with an executive team that includes veterans of the Israeli Air Force technology unit and firms such as Imperva and AVG. Panorays has raised early-stage funding to support growth as demand for third-party risk management increases.

Total raised

$62M

Funding rounds

3

Latest round

Series B

Latest activity

Sep 2021