Cyber risk management platform provider Panorays recently secured a massive $42M funding. This funding will provide Panorays with additional resources that they can use to expand their platform and reach more customers around the world. It is clear that Panorays has been doing well to provide a secure and reliable platform, and this new funding is a reflection of that.
In this article, we will take a look at how this funding will help Panorays expand and reach customers:
Panorays, an AI-based platform providing fully automated and continuous third-party cyber risk management, recently raised $20 million in a Series B funding round
Overview of Panorays
Panorays is an independent third-party risk intelligence platform designed to help businesses manage and track their vendors’ compliance and security posture. The platform automates the process of monitoring, evaluating and tracking risk for vendors and internal teams, allowing businesses to reduce risk exposure and stay ahead of potential compliance issues or security threats.
The past couple of years have seen Panorays expand its platform capabilities to serve over 800 customers from different sectors such as banking, e-commerce and financial services. With this latest funding round, the company aims to build on these existing partnerships and provide better insight into the vendors and their compliance status – all in real time.
This will be achieved through:
- Integration with existing vendor management platforms offers greater flexibility for customers in securely managing their vendor data.
- Better reporting capabilities – giving customers access to more detailed automated reports.
- Robust APIs that will enable easier integration with other systems.
Finally, this new wave of funding will also help Panorays enhance its offering by extending its reach beyond traditional markets – such as Europe – helping it become a truly global threat intelligence platform.
Overview of the Funding
Panorays, an AI-based platform providing fully automated and continuous third-party cyber risk management, recently raised $20 million in a Series B funding round. The investment was led by Stage One Ventures and OurCrowd, with the participation of existing investors Aleph, Verizon Ventures and Trends Group.
With this new funding, Panorays is looking to strengthen its platform and expand its reach to more customers. The platform enables organisations to assess their security posture at any time with minimised human effort by automatically collecting data and generating assessment results continuously. This gives them the real-time insight they require to manage the risks posed by their third-party vendors and suppliers.
The recent funding will be used to:
- Accelerate innovation in the company’s “Third-Party Risk Lifecycle” platform, including enhancements such as improved scalability for larger enterprise customers that have varied numbers of vendors as well as additional security modules that allow customers to meet compliance regulations.
- Expand into new markets
- Carry out marketing activities and sales support programmes for its customer base.
With its continuously updated insights, Panorays expects this new investment round will enable it to become a go-to source for comprehensive third-party cyber risk management solutions worldwide.
Impact of the Funding
Cyber risk management platform provider Panorays has recently secured a major funding round of $42M. This new funding round shows the growing demand for Panorays’ products and services and will help the company expand its platform and reach more customers.
Let’s explore the implications of this funding and what it means for Panorays:
Expansion of Panorays’s Platform
The new funding will enable Panorays to expand its platform, to provide more customers with a comprehensive Third Party Risk Management (TPRM) solution. This expansion will include new features that address the changing landscape of third-party risk management, such as automated threat intelligence, visual analytics and risk assessment through a streamlined workflow.
In addition to expanding its current platform, this additional funding will allow Panorays to build their global customer base. They are looking to increase customer reach by breaking down language barriers and targeting diverse customer bases across Europe, North America and Asia Pacific. Furthermore they intend to focus on improving the customer experience through investing in teams and technology/ analytics capabilities.
By this strategic growth plan, Panorays intends to bring innovative changes in how enterprises manage their third-party data – creating a more secure and unified digital marketplace for all stakeholders involved in the TPRM process. In addition, their strengthened customer base will give them greater insight into how different industries deal with third-party risk management, allowing them to further tailor and enhance their product offerings around specific industry needs.
Increased Customer Reach
The additional funding will allow Panorays to expand its platform and reach more customers worldwide. With the new funds, Panorays will be able to hire new staff to facilitate global processes, introduce advanced technology platforms and automated solutions, improve customer support and troubleshooting processes and grow its customer base. In addition, this investment will help the company expand into new markets, broaden its customer base and create stronger loyalty amongst established customers.
In addition, Panorays has plans to focus on research and development of new solutions to provide more products with innovative features and improved user experience. With increased resources, the company can launch tailored solutions that offer a better return on investment (ROI) for customers looking for ways to modernise their IT infrastructure while meeting stringent security requirements.
Panorays has also unveiled plans to extend its market presence beyond its current geographic locations by realigning product resources to expand into new markets in Europe, Asia Pacific and other parts of the globe. This will give more countries access to an effective platform designed to address cyber threats and save businesses from potential financial losses due to exposure to extended cyber risks.
Panorays intends to bring innovative changes in how enterprises manage their third-party data – creating a more secure and unified digital marketplace for all stakeholders involved in the TPRM process.
Cyber Risk Management Platform Provider Panorays Nabs $42M
Cyber risk management platform provider Panorays recently announced the successful completion of a $42 million Series B funding round. This funding round will help Panorays expand its platform and reach more customers who could benefit from its cyber-risk management solutions. In this article, we will explore the various benefits of Panorays’s platform and how its services can help organisations secure their infrastructure.
Automated Risk Management
Panorays’ risk management platform uses powerful algorithms to automatically identify cyber security risks at an unprecedented scale. By leveraging machine learning and web crawling technology, the platform provides actionable intelligence on an organisation’s security posture and the mitigation strategies to mitigate identified risks. Each customer gets a personalised dashboard, with real-time risk indicators, access control matrix, vulnerability analytics and detailed reports with concrete recommendations on addressing potential threats.
Panorays continuously monitors customer networks and third-party providers for changes in security posture that may indicate new threats. When detected, the system flags potential incidents and provides actionable guidance to resolve them quickly. In addition, Panorays provides periodic compliance assessments that ensure customers remain compliant with relevant government regulations such as GDPR, HIPAA or PCI DSS. In this way, Panorays enables companies to maintain cyber security efficacy wherever their products are distributed or services are operated.
Easy-To-Use Dashboard
The Panorays platform gives users full visibility into their entire cyber security environment for effective, continual risk management. Its user-friendly dashboard helps organisations quickly identify weak points in their systems and assess potential risks. As an added layer of protection, security updates can be automated and system vulnerabilities tracked to ensure compliance with industry standards. Additionally, Panorays simplifies responding to customer safety questionnaires by automating reports, investigations and evidence collection.
The thoughtful design of Panorays’s dashboard provides an easy way for businesses to keep track of their cyber security status in real time. Users can easily find vendors, view their scorecards with a few clicks, see which data assets are out of compliance, and even check out existing assets on a dynamic map.
This intuitive approach gives users unparalleled access to insights that normally require a lot of manual effort or expensive software.
With the new funding injection, Panorays plans to double down on its product development so its customers stay ahead of any cyber threats before they become an issue. By expanding its platform and reaching more customers worldwide, Panorays will help organisations protect themselves from modern-day cyber threats easily and confidently.
Comprehensive Data and Insights
Panorays’s platform provides up-to-date, comprehensive data and insights into third-party trust and cyber-risk factors that affect organisations. With this platform, companies can easily evaluate the risk level associated with their suppliers and vendors by automatically collecting, analysing and visualising data about their partners’ security posture.
Panorays also enables customers to analyse third-party compliance requirements for finance, healthcare, pharmaceuticals and government contracts. With its advanced analytics capabilities, customers can track the progress of risk assessments on an ongoing basis to understand gaps and take action when needed. In addition, users can access comprehensive reports featuring industry benchmarks to see how they compare to peers in their own space or region.
The company also offers integrated 5G monitoring tools so customers can spot potential risks while still in the early stages of development. These combined features make Panorays an invaluable resource for organisations looking to stay ahead in a constantly evolving digital landscape.
Benefits for Customers
Panorays’ recent $42 million Series B funding round is great news for its cybersecurity risk management platform customers. This funding will enable the company to expand its platform, develop new features and add more customers. Customers of Panorays can look forward to better customer service, improved customer experience, new features and enhanced security. The company’s mission is to provide organisations with the tools and processes to identify, manage and reduce risk by automating the company’s third-party risk management.
This article will discuss the benefits the additional funding will bring to customers:
Improved Risk Management
The funding will assist Panorays in expanding its platform to improve its customer’s risk management capabilities by providing comprehensive, real-time visibility of their third, fourth, and fifth-party vendors. This will enable customers to identify potential risks faster, respond quicker than ever, and reduce overheads related to vendor on-boarding.
Panorays’ technology enables customers to further understand their cyber risk postures since it automatically collects vendor information and evaluates supplier security posture against industry compliance regulations such as HIPAA and GDPR. The platform also scores vendors based on their responses and sends notifications when vendors don’t respond or answer inaccurately, enabling customers to take corrective measures promptly.
As a result of this improved risk management capability, customers will be able to improve trust with clients, meet regulatory requirements and maintain data privacy.
Panorays’ technology enables customers to further understand their cyber risk postures since it automatically collects vendor information and evaluates supplier security posture against industry compliance regulations such as HIPAA and GDPR.
Enhanced Security
Panorays’ platform enables companies to adopt a “crawl, walk, run” approach to secure their suppliers. By analysing supplier ecosystems continuously and monitoring for changes, Panorays’ platform provides organisations with the critical information they need to mitigate risks associated with third-parties.
By expanding its platform, Panorays will provide customers with enhanced security measures and improved visibility into suppliers and third-parties. Customers will benefit from knowing precisely who their suppliers are at all times and what risks may be associated with them. Through increased automation of its platform, Panorays can also provide customers timely notifications regarding changes that could create vulnerabilities in their supplier chains.
In addition, Panorays will offer improved quality control measures through its expanded platform. By taking advantage of advanced analytics solutions, organisations can quickly identify potential weak points in the supply chain and take steps to correct them before they become an issue. Customers gain peace of mind knowing that their supply chains are continuously monitored for issues and being proactively managed by preventative measures such as automated threat hunting on all data sources.
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