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.
With this new investment, Panorays plans to 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.
“Panorays is re-establishing 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.”
“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.”