Austin and San Francisco-based Riscosity—maker of leading Third-Party Data Observability (TPDO) platform—today announced $7M of new funding. Venture capital firm S3 Ventures led the financing with participation from Secure Octane Investments, Firebolt Ventures, and several cybersecurity executives. Riscosity's software—trusted by multiple large public enterprises—manages and mitigates data supply chain risk for security, compliance, and engineering teams.With the financing, Riscosity will accelerate its product roadmap and expand its team to serve its growing user base.
AUSTIN, Texas, April 25, 2023 /PRNewswire-PRWeb/ -- Riscosity—a leading software platform revolutionizing risk management and mitigation across enterprise data supply chains—today announced $7M of new funding. The financing was led by S3 Ventures with participation from Secure Octane Investments, Firebolt Ventures, and several cybersecurity executives.This investment accelerates the company's ability to grow its team, expand its Third-Party Data Observability (TPDO) platform, and serve its growing base of large enterprise customers.
"As software investors, we have witnessed the explosion of developers' use of third-party components and data sub-processors—as well as the growing risks it poses to enterprises' security and regulatory compliance," said Aaron Perman, Partner at S3 Ventures. "The stakes are massive and growing: a record €830 million of GDPR fines were levied last year, and this year new privacy laws go into effect in six US states—including the largest, California."
Compromised third-party software components (such as Solarwinds, Kaseya, and Apache Log4j) have led to some of the most damaging data breaches of the last few years. With the tidal wave of privacy legislation in the US, Europe, Asia, and South America, liability for such incidents is only increasing.
"Enterprises today need to inspire confidence with their customers as to how they are safeguarding their data. Being a good data custodian means having 100% observability on what data is leaving the organization, identifying policy violations, and automatically correcting them—all in real time," said Anirban Banerjee, Riscosity's CEO and Co-Founder.
Anirban previously co-founded two successful cybersecurity companies, StopTheHacker and OnionID, that were acquired by Cloudflare and Thycotic, respectively.Over the last decade, software development has accelerated dramatically, as developers routinely integrate third-party components to access a dizzying array of services, including multi-factor authentication, usage analytics, and payment processing. With faster software development comes a magnitude increase in data supply chain complexity and risk. As a result, security and regulatory-conscious companies now regularly vet every third-party with which their own and vendors' software integrates—resulting in time-consuming reporting that slows procurement and time-to-value.
"With a typical enterprise managing hundreds of thousands of lines of source code, getting a handle on what data is leaving the organization is extremely challenging—due to internal company silos, code ownership, and lack of traffic visibility," said Cherian Mathew, Partner at Firebolt Ventures.
Riscosity automatically identifies every line of source code that could transfer data to a third party—overlaying key risk factors, such as the type of data being transferred, the recipient party, and its locality. With third-party data observability, enterprises gain the security, visibility, and governance required to quickly develop, confidently deploy, and securely manage software that leverages third-party components.
"While other products offer point solutions for Software Bills of Material (SBOM), Software Composition Analysis (SCA), or network traffic monitoring, Riscosity is the only platform that combines these capabilities—along with Third-Party Data Observability (TPDO)—in a single pane of glass," said Mahendra Ramsinghani, Managing Director at Secure Octane Investments.
"Riscosity gets organizations from zero to 100% third-party data observability in just a few minutes. The solution is low friction to implement and trusted by large, publicly traded enterprises," said James Greene, Riscosity's CTO and Co-Founder.
To understand more about the solution that Riscosity provides, please connect with the company at https://www.riscosity.com and at +1-888-747-2674 (+1-888-RISCOSI)
About Riscosity
Riscosity is the pioneer in Third-Party Data Observability (TPDO). Revolutionizing the ability of enterprises to gain visibility into and mitigate their data supply chain risk, Riscosity enables organizations to quickly develop, confidently deploy, and securely manage software that leverages third-party components and data sub-processors without compromise. Trusted by leading enterprises, Riscosity leads the TPDO market. Learn more at http://www.riscosity.com
About S3 Ventures
Based in Austin for 17+ years, S3 Ventures is the largest venture capital firm focused on Texas. Backed by a philanthropic family with a multi-billion-dollar foundation, we empower visionary founders with the patient capital and true resources required to grow extraordinary, high-impact companies in Business Technology, Digital Experiences, and Healthcare Technology. With $900M+ in assets under management, we lead Seed, Series A, and Series B investments ranging from $500K to $10M with the capacity to invest $20M+ over the life of a company. Learn more at http://www.s3vc.com/
Media Contact
Oliver Bock, Apilyze Inc. (Riscosity), 1 8887472674, [email protected]
SOURCE Riscosity
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