VISO TRUST Secures $7M in Additional Funding to Enhance TPRM Capabilities
SAN FRANCISCO, Nov. 21, 2024 /PRNewswire/ — VISO TRUST, a prominent player in AI-powered third-party risk management (TPRM), has successfully concluded its latest funding round, securing an additional $7M in investment. This funding round brings the total amount raised by the company to an impressive $24M. The funding was made possible through the contributions of both existing investors, including Bain Capital Ventures, Work-Bench, Sierra Ventures, and Lytical Ventures, as well as new investors like Allstate Strategic Ventures, Cisco Investments, EnvisionX Capital, and Scale Asia Ventures.
With this substantial influx of capital, VISO TRUST aims to solidify its position as a frontrunner in transforming third-party risk management by leveraging an adaptive AI-driven platform. This platform is designed to offer enhanced security intelligence and seamless third-party risk management solutions to enterprises on a global scale.
VISO TRUST’s AI-powered platform is built to provide real-time, evidence-based assessments by intelligently gathering, analyzing, and continuously monitoring data from vendors. By employing this approach, the platform streamlines processes for vendors, reduces manual analysis workload for TPRM professionals, and facilitates comprehensive, high-quality assessments. Through the analysis of various aspects such as control presence, testing methodologies, exceptions, Nth-party references, among others, security teams can allocate their resources towards strategic initiatives rather than administrative tasks.
The effectiveness of VISO TRUST’s AI-driven automation platform has made it a benchmark in the industry for third-party risk management, trusted by industry leaders like Upwork, Instacart, Notion, and Bain Capital. By harnessing intelligent automation, VISO TRUST significantly reduces the time required for vendor assessment and onboarding by up to 90%, minimizing TPRM hours to mere minutes per vendor. This efficiency enables enterprises to implement comprehensive risk management strategies at scale. The platform’s ability to conduct rapid assessments within 5-7 days with an impressive 98% vendor adoption rate empowers organizations to make well-informed, proactive risk management decisions.
Reflecting on the successful funding round, Paul Valente, the CEO of VISO TRUST, expressed his enthusiasm for the opportunity to collaborate with a diverse group of tech investors to further advance the company’s mission of revolutionizing third-party risk management. The investment will fuel the innovation of VISO TRUST’s platform, fostering the creation of a robust ecosystem that integrates security intelligence and aligns with the complexities of modern business processes.
VISO TRUST’s strategic focus on next-generation monitoring sets it apart as a pioneer in aggregating and analyzing a broad range of vendor intelligence sources, including breach advisories, Software Bill of Materials (SBOM), and SEC filings. By providing real-time insights, the platform equips teams with the capability to make informed, data-driven decisions, respond promptly to emerging threats, and maintain compliance consistently. This grants organizations a competitive edge in effectively managing evolving cyber risks within the cloud-first, AI-centered corporate environment.
Janey Hoe, the vice president at Cisco Investments, commended VISO TRUST’s platform for reshaping governance, risk, and compliance practices, enabling seamless vendor risk assessments and agile management of cyber risks using AI technology. As part of Cisco’s AI Fund, Hoe expressed excitement in supporting VISO TRUST’s mission to enhance security intelligence and real-time monitoring abilities for businesses worldwide.
Looking ahead, VISO TRUST remains dedicated to shaping the future of governance, risk, and compliance by leveraging AI to bolster security measures and empower organizations to navigate the dynamic digital landscape with resilience and precision.
About VISO TRUST
VISO TRUST is a leading AI-driven platform specializing in third-party risk management, revolutionizing traditional vendor risk assessments through automation and acceleration. The platform offers continuous monitoring, risk mitigation, Nth-party intelligence, and seamless workflow integrations, catering to a diverse global clientele across sectors such as financial services, healthcare, and technology. VISO TRUST is committed to helping organizations effectively mitigate risks associated with vendor relationships at a large scale.
For further information, please visit www.visotrust.com or reach out at [email protected].