Leading the way in Third Party Risk Management (TPRM)
Moneta Capital announced today the closing of its investment in Panorays, a Tel-Aviv based company in the field of Third-Party Risk Management (TPRM). Panorays’ SaaS platform is transforming the way companies do business securely with their vendors and partners by automating the third-party security evaluation process. Panorays’s customers gain continuous visibility into their third parties’ security risks, thus enabling a comprehensive life-cycle security management and ensuring compliance with regulations such as GDPR and NYDFS.
Panorays was founded in 2016 by Matan Or-El, Meir Antar and Demi Ben-Ari, three experienced technology industry executives and former members of the elite technology/software unit of the Israeli Air Force. The executive team has served in security and leadership positions at companies including Imperva, AVG, ironSource, Windward, WalkMe and enSilo. Panorays is currently used by by clients in various industries including financial, banking, insurance, healthcare, technology, retail and automotive.
About the Market
The past years’ digital revolution has changed the way organizations are doing business with Vendors and partners. The ever-growing level of businesses’ interconnection has resulted in massive vulnerability and exposure of the organizations to cybercrime – particularly the risk of data breaches and data leaks. Business leaders surveyed by Forrester reported that their respective organizations work with over 4,700 third-party vendors and business partners on average. 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. Most respondents also indicated that they did not have sufficient resources to manage third-party relationships.
The Third Party Risk Management (TPRM) industry to which Panorays belongs provides organizations with the ability to govern third-party relationships (e.g., vendor, supplier, contractor, consultant, service provider, outsourcer, agent) and the life cycle of onboarding, performance monitoring, risk and compliance management, and offboarding.
About Moneta VC
Moneta Venture Capital is managing 2 parallel funds: an early stage fund – Moneta Seeds, and a revenue stage fund – Moneta Capital. Moneta focuses on AI, Fintech and Insuretech and its portfolio companies are integrated in the world’s largest Banks, Financial institutions and Insurance firms. Moneta’s main added value consists of its Strategic Partnerships with world leading Banks and Insurance firms who are co-investing with Moneta and support its portfolio as design partners and clients.