Privva Closes Investment to Accelerate Expansion of Vendor Risk Management Platform as Cybersecurity
FOR IMMEDIATE RELEASE
June 17, 2020
ARLINGTON, VA & BALTIMORE, MD — Privva, a third-party vendor cybersecurity risk assessment and management platform, announced today a growth financing led by Squadra Ventures. Building on rapid adoption by customers in finance, insurance, legal, healthcare, and technology, the company will use the investment to fund sales and development as they enter into new industries including retail, consumer goods, manufacturing, and others with distributed supply chains.
“Never before has the world been more aware of how vulnerable resources and goods are as they make their way across the globe — with COVID-19 it’s become clear that those compromises in the supply chain could only be exacerbated by compromises in security and other areas of risk” said Guy Filippelli, Squadra Ventures managing partner. “With this investment, Ishan and his team are well-positioned to take their powerful vendor risk-management capabilities to a global audience.”
Through an intuitive interface and library of 40+ assessment templates aligned with industry standards, Privva’s flexible vendor risk management platform centralizes security questionnaires, calculates risk ratings, and streamlines scoring of responses for third-parties with access to enterprise networks and sensitive data. The platform also automatically tracks key metrics and generates data visualizations critical for guiding executive level risk management and vendor relationships.
“Privva was founded on the belief that talented cybersecurity professionals employed by enterprise organizations should not be wasting their time chasing down vendors,” said Privva CEO Ishan Girdhar. “Our mission is to enable organizations to do more with less, so that they can improve the efficiency of their processes and allocate resources to other critical cybersecurity needs. We get our customers 80% of the way there, freeing up team members’ time to manage the most critical part of keeping organizations secure — closing the loop with vendors and remediating the risk.”
In response to increased international demand, Privva recently announced that its core-assessments, including the widely used Standardized Information Gathering (SIG) methodology, have been translated into French, Spanish, German, and Dutch, enabling a single platform to manage the global nature of an enterprises’ supply chain.
Privva will use the investment to add new business development and sales leadership, increase marketing efforts, and reinforce professional service solutions that streamline the creation of risk-management capabilities within enterprise organizations. Squadra Ventures’ Filippelli will join the Privva board of directors.
Contact: Ishan Girdhar, CEO — email@example.com
Privva is an award-winning, cloud-based vendor risk assessment platform delivering value for a diverse customer base across industries including legal, financial services, technology, healthcare, education, and media. Privva’s flexible Web platform streamlines the assessment process from authoring to automatic recurring delivery. Developed with a philosophy that risk is contextual, Privva delivers a tailored approach to assessing risk with an intuitive user interface driving a responsive user experience. Privva’s Vendor Security Assessment centralizes security questionnaires, risk ratings and scoring of responses for third parties that have access to enterprise networks or sensitive data. Privva’s workflow and templates reduce vendor assessment time by up to 75% and annual recertification can be automated. For more information, visit www.privva.com or watch our Privva Vendor Risk Management in 90 Seconds video.
About Squadra Ventures
Press Contact: Margaret Roth, Director of Portfolio Operations — firstname.lastname@example.org
Squadra Ventures is an early-stage venture capital firm led by founder-operators that invests in industry-agnostic enterprise software companies located in the Mid-Atlantic and emerging technology hubs. By applying significant resources beyond the check, we are building a growth engine for early stage startups, working hand-in-hand with our entrepreneurs to help our portfolio companies win and leave a lasting positive impact on the world.