RiskRecon said it raised $3 million of seed capital in a deal led by General Catalyst Partners and several private investors. The company plans to use the capital to expand its product development team and to address growing demand. It also said Jeff Martin, a CIO at TD Bank Group, has joined the board.
RiskRecon Secures $3 Million in Funding Round Led by General Catalyst Partners
The company also added Jeff Martin of TD Bank Group to its Board of Directors
BOSTON, April 7, 2016 – RiskRecon today announced seed-round financing led by General Catalyst Partners and several private investors. The funding will enable RiskRecon to expand its product development team and address the growing demand for data-driven, third-party vendor risk assessment.
RiskRecon delivers actionable information security risk assessments and vendor ratings based on thorough analysis of a third-party’s Internet infrastructure and application presence. By providing a faster and more objective data source, RiskRecon enables a more effective and productive vendor security assessment process.
“RiskRecon addresses a growing need for greater transparency and accountability across vendors’ security programs. The team has developed unique search and analytic techniques, transforming a process, that until now, has been very resource intensive and data poor,” said Steve Herrod, Managing Director, General Catalyst.
The vendor risk management process traditionally relies on manual surveys, vendor attestations, and on-site examinations. With the decentralization of IT purchasing and rapid adoption of SaaS, this process has become increasingly more resource intensive and less effective.
At the same time, the growing awareness of supply-chain security gaps has forced boards and regulators to insist on more frequent and verifiable methods for controlling third-party risk.
“RiskRecon enables companies to perform risk assessments at scale,” said Kelly White, CEO, RiskRecon. “Clients trust us to quickly evaluate the security program of any business partner – SaaS, outsourcer or on-premises provider. As a former CISO myself, I witnessed firsthand the need for faster, more objective ways to support the increasingly complex third-party risk management process.”
“As supply chains become more complex, distributed and global, a company’s ‘attack surface’ rapidly expands. RiskRecon determines the relative threat of exposure among your top choices of vendors so you can make better decisions, faster,” said Deepak Jeevankumar, Principal, General Catalyst.
The RiskRecon service has been live since 2015. Several Fortune 500 clients already subscribe to RiskRecon’s vendor assessment service to measure security program quality, improve analyst productivity, and ensure accountability among all stakeholders.
RiskRecon also announced that Jeff Martin has joined its Board of Directors. Martin is Senior Vice President and Chief Information Officer, Channels, Technology Solutions, TD Bank Group. In his current role, he is responsible for leading the bank’s Omni Channel IT strategy, including the design and implementation of technology solutions supporting Canadian Wealth and Insurance, along with North American retail banking and the enterprise’s overall goal of creating legendary experiences for its customers. Martin is also responsible for the TD Bank Group’s innovation program, including its partnership with Communitech.
RiskRecon traces its beginnings to 2011 when our founder and a former CISO, Kelly White, asked himself, “Is it possible to measure the security program quality of any company simply by looking at its Internet-facing presence?” Our breakthrough technology enables an enterprise to control third-party risk by providing vendor security assessments that are comprehensive, actionable and available on-demand. RiskRecon empowers companies to quickly evaluate the security program of any vendor – SaaS, outsourcer or on-premises provider. We require no proprietary vendor data, no permissions and no invasive scans. Learn more about us atwww.riskrecon.com.
About General Catalyst
General Catalyst Partners is a venture capital firm that makes early-stage and transformational investments. The firm backs exceptional entrepreneurs who are building innovative technology companies and market-leading businesses, including Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snapchat, Stripe, and Warby Parker. General Catalyst has offices in Cambridge, MA, Palo Alto, CA, and New York City.