Vendor assessment process expert Whistic announced the closing of its Series B Funding on Tuesday.
The $35m investment round was led by JMI Equity with participation from Forgepoint Capital and existing investors Emergence Capital, Album VC and FJ Labs.
The fresh funds bring the overall investment in Whistic to $50m and come at a time of high demand for trust in security partners, as recent figures showed cybercrime costs organizations a whopping $1.79m every minute. A recent study by Kaspersky also showed that IT leaders claim there is a disconnect between organizations and security vendors and it’s a primary factor in ongoing security risk.
“We understand the mission-critical importance of a trusted supply chain in today’s global environment,” explained Suken Vakil, General Partner at JMI.
“Whistic is the clear leader for companies looking to build a streamlined and automated vendor security assessment program. We are excited to partner with Whistic as they and their customers create a new expectation where security comes first.”
For context, the Whistic Vendor Security Network includes more than 40,000 verified profiles that are available on-demand at the time of writing.
Buyers can peruse Whistic profiles and request a questionnaire to pinpoint their vendor assessment requirements.
According to the company, these ‘Zero-Touch Assessments’ drive increased trust and transparency while also automating the reactive, manual processes they replace.
“Trust and transparency are paramount in today’s business environment, and there is a critical need for a new approach to vendor security,” commented Whistic CEO Nick Sorensen.
“The Whistic dual-sided, network approach to vendor security is the best way to meet the needs of both buyers and sellers.”
Moving forward, Sorensen said Whistic would utilize the new funds to continue the company’s global expansion.
“This investment from JMI allows us to accelerate our ability to continue solving urgent problems for our global customer base and we couldn’t be more excited for the future.”
Whistic also played a fundamental role in the creation of the Security First Initiative, which counts names such as Atlassian, Okta, and Notion.