VISO TRUST, a prominent name in AI-powered third-party risk management (TPRM), has just successfully completed a crucial funding round, garnering an additional $7 million and pushing their total raised funds to $24 million. This recent round saw participation from both previous investors, including Bain Capital Ventures, Work-Bench, Sierra Ventures, and Lytical Ventures, along with new participants like Allstate Strategic Ventures, Cisco Investments, EnvisionX Capital, and Scale Asia Ventures. The primary focus of this investment is to elevate VISO TRUST’s mission by further developing their AI-driven platform, which is enhanced with integrated security intelligence.
Enhancing Vendor Assessment with AI Integration
Streamlining the Assessment Process
VISO TRUST’s platform offers an innovative approach to evaluating third-party vendors by leveraging artificial intelligence to collect, analyze, and continually monitor data from vendors. Unlike traditional methods that rely on manual analysis, this AI-powered system provides real-time, evidence-based assessments that reduce vendor friction and significantly cut down the time required for assessments and onboarding. The platform’s capability to scrutinize various security controls, testing methodologies, and exceptions allows security teams to focus on strategic priorities rather than getting bogged down by manual evaluations.
By replacing time-consuming manual assessments with automated, real-time evaluations, organizations can respond more swiftly to potential risks. The platform’s efficiency has made it a standout choice among industry leaders, including companies like Upwork, Instacart, Notion, and Bain Capital. This new approach facilitates a reduction in vendor assessment and onboarding time by up to 90%, which is a significant improvement, allowing for robust risk management processes on a larger scale. The rapid assessment time frame, typically just 5-7 days, along with an impressive vendor adoption rate of 98%, empowers organizations to make informed, proactive risk decisions.
Impact on Industry Benchmarks
Leaders in various industries have turned to VISO TRUST’s platform, setting a new benchmark in third-party risk management. This solution not only aids in reducing vendor assessment times but also ensures a comprehensive risk management system that can scale with the growing needs of the organization. Companies that adopt this platform can expect streamlined processes and reduced risks, thanks to the advanced AI analytics and continuous monitoring capabilities. The ability to complete assessments so quickly ensures that businesses can adapt to new threats and maintain compliance effortlessly.
The high vendor adoption rate is testament to the platform’s user-friendly interface and effectiveness, making it easier for vendors to comply with assessment requirements. As more vendors get onboarded seamlessly, the whole ecosystem benefits from enhanced security measures and better risk management. VISO TRUST’s solutions, with their focus on evidence-based and real-time assessments, bring a level of clarity and assurance that manual processes simply cannot achieve. This revolutionary approach is redefining how companies handle third-party risk, setting a new standard for the industry.
Innovations Driven by New Funding
Development of Next-Generation Capabilities
The freshly secured funding will fuel the development of next-generation monitoring and response capabilities, incorporating advanced techniques to aggregate and analyze diverse sources of vendor intelligence. This includes integrating breach advisories, Software Bill of Materials (SBOM), and SEC filings, which will provide real-time insights for teams to make data-driven decisions and respond swiftly to emerging threats. These advancements aim to maintain continuous compliance and effectively manage the ever-evolving landscape of cyber risks.
One of the key elements of this development is the focus on real-time data aggregation and analysis. By pulling in data from multiple sources, the platform can deliver a more comprehensive view of a vendor’s risk posture. This means that teams will have the information they need at their fingertips to make informed decisions quickly. In a world where cyber threats are constantly evolving, having access to real-time data can make the difference between a proactive and a reactive response. These innovations will significantly improve the resilience and precision of an organization’s risk management strategy.
CEO and Industry Leaders’ Perspectives
VISO TRUST, a leading force in AI-driven third-party risk management (TPRM), has triumphantly concluded a vital funding round, securing an additional $7 million. This substantial infusion boosts their total funds raised to $24 million. The recent funding round saw continued support from previous investors, such as Bain Capital Ventures, Work-Bench, Sierra Ventures, and Lytical Ventures. Moreover, new investors like Allstate Strategic Ventures, Cisco Investments, EnvisionX Capital, and Scale Asia Ventures joined the effort. VISO TRUST aims to use these funds to advance its mission by further developing its AI-powered platform. This platform is well-known for its integration of sophisticated security intelligence, ensuring robust third-party risk management. The new capital will enhance the platform’s capabilities and expand its reach, ultimately helping organizations better manage and mitigate risks associated with their third-party relationships.
