US-based risk management platform RiskRecon closed a $12m series A round yesterday led by Dell Technologies Capital, the corporate venturing division of computer manufacturer Dell.
F-Prime Capital, General Catalyst and angel investor Paul Sagan, former chief executive of content delivery network Akamai, also contributed to the funding round.
Founded in 2015, RiskRecon has developed a software-as-a-service platform that provides an insight into the security of third-party vendors, enabling enterprise users to keep data safe while making sure partners can access it.
The money will go towards product development and will help accelerate global sales activities.
General Catalyst and unnamed private investors previously injected $3m in seed capital in April 2016.
Kelly White, chief executive of RiskRecon, said: “Methods for measuring and controlling third-party risk no longer address the risk realities of the increasingly interconnected organisation.
“They often rely entirely on vendor attestation or stale databases and secondary threat intelligence measurements that do not provide an objective or accurate snapshot of an organisation’s security performance.
“By providing timely, objective information to complement the vendor attestation process, we enable clients to better allocate resources and ensure vendor buy-in to corrective actions.”