SLC-based RiskRecon is announcing a $25 million Series B round led by Accel, with participation from Dell Technologies Capital, General Catalyst, F-Prime Capital, Mickey Boodaei, Rakesh Loonkar, and Paul Sagan.
“Third-party cyber risk is the single largest unchecked attack vector that sophisticated attackers are exploiting in some of the most damaging cyberattacks in recent years,” said RiskRecon’s co-founder/CEO Kelly White. “Current approaches to managing third-party cyber risk with annual questionnaires and intermittent, manual processes fall short because they cannot scale as organizations outsource more and more work to third parties as the result of trends such as globalization and cloud adoption. RiskRecon’s proven, automated approach to identifying, understanding, and acting on third-party cyber risk delivers tangible value for all key stakeholders demanding closer oversight of risk within their organizations.”
RiskRecon was founded in September 2015 with $3 million in seed money from General Catalyst, providing an effective and needed solution for third-party vendor assessment. Things have grown quickly, with White telling TechCrunch his company now works with more than 50 customers in the Fortune 500. Add $25 million in capital to support that growth and RiskRecon's future looks very bright indeed.
“Security has been a cornerstone category for Accel for a long time," said Accel partner Nate Niparko. "As we talk to our CISOs, we see a growing need for third-party risk management as enterprises have become more intertwined with third-party service providers. Kelly and Eric are experts in this domain and have architected RiskRecon’s products around actionable risk recommendations to make customers more secure. We believe RiskRecon is best-positioned to solve the problems in this category.”