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In the news release, VISO TRUST Secures $24M to Accelerate Innovation in AI-Powered Third-Party Risk Management, issued 21-Nov-2024 by VISO TRUST over PR Newswire, we are advised by the company that the headline and first paragraph have been updated as originally issued inadvertently. The complete, corrected release follows:
VISO TRUST Secures $7M to Accelerate Innovation in AI-Powered Third-Party Risk Management
SAN FRANCISCO, Nov. 21, 2024 /PRNewswire/ -- VISO TRUST, a leader in AI-powered third-party risk management (TPRM), today announced the closing of its latest funding round of $7M in additional funding, bringing the total raised to $24M, with participation from both existing investors, Bain Capital Ventures, Work-Bench, Sierra Ventures, and Lytical Ventures, and new investors, Allstate Strategic Ventures, Cisco Investments, EnvisionX Capital, and Scale Asia Ventures.
This funding will further VISO TRUST's mission to transform TPRM through an adaptive AI-driven platform, bringing enhanced security intelligence and seamless third-party risk management to enterprises worldwide.
Enhancing Third-Party Risk Management with Integrated Security Intelligence
VISO TRUST's AI-powered platform delivers real-time, evidence-based assessments by intelligently collecting, analyzing, and continuously monitoring artifacts from vendors. This approach removes friction for vendors, eliminates the manual analysis burden for TPRM professionals, and enables comprehensive, high-quality assessments. The platform analyzes control presence, testing methodologies, exceptions, Nth-party references, and more, allowing security teams to focus on strategic initiatives.
VISO TRUST's AI-driven automation platform has become the industry benchmark for third-party risk management for industry leaders like Upwork, Instacart, Notion, and Bain Capital. By leveraging intelligent automation, VISO TRUST reduces vendor assessment and onboarding time by up to 90%, cutting TPRM hours to mere minutes per vendor and enabling enterprises to achieve comprehensive risk management at scale. With rapid assessments completed in just 5-7 days and a remarkable 98% vendor adoption rate, the platform empowers organizations to make informed, proactive risk decisions.
Paul Valente, CEO of VISO TRUST, commented on the funding round:
"We're excited to assemble a set of complementary and deep tech investors to advance our mission of transforming third-party risk management. This funding will enable us to accelerate the innovation of our platform, creating a robust ecosystem that integrates security intelligence and aligns with today's complex business workflows."
An investment in Next-Generation Monitoring and Response
VISO TRUST is at the forefront of next-generation monitoring, aggregating and analyzing diverse sources of vendor intelligence, including breach advisories, Software Bill of Materials (SBOM), and SEC filings. The platform provides real-time insights, enabling teams to make data-driven decisions, respond swiftly to emerging threats, and maintain continuous compliance, offering a distinct advantage in managing evolving cyber risks across the cloud-first, AI-driven enterprise landscape. This funding round will allow VISO TRUST to scale its unique artifact-based platform, creating an adaptable AI governance framework focused on real risk reduction.
"VISO TRUST's platform reshapes governance, risk, and compliance, enabling organizations to streamline vendor risk assessments and manage evolving cyber risks with agility in an increasingly complex digital landscape leveraging AI," said Janey Hoe, vice president, Cisco Investments. "As part of Cisco's AI Fund, we are excited to help accelerate VISO TRUST's mission to enhance security intelligence and real-time monitoring capabilities for enterprises worldwide."
VISO TRUST continues to build a future in governance, risk, and compliance where AI not only strengthens security but empowers organizations to navigate the dynamic and high-stakes digital landscape with resilience and precision.
About VISO TRUST
VISO TRUST is an AI-driven third-party risk management platform transforming traditional vendor risk assessments through automation and acceleration. Our platform provides continuous monitoring, risk remediation, Nth-party intelligence, and seamless workflow integrations, serving a global customer base across sectors like financial services, healthcare, and technology. VISO TRUST helps organizations mitigate the risks of vendor relationships at scale.
For more information, visit www.visotrust.com or contact press@visotrust.com.
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SOURCE VISO TRUST