Welcoming Panaseer to FinTech Connect!
Panaseer's mission is to make enterprises 'Cyber Security Risk' Intelligent. We operate at the intersection of risk and security to automate the breadth and depth of visibility required to take control, provide insight to manage risk, demonstrate ROI and drive robust cyber hygiene practices and remediation.
Year launched: 2014
How did the idea for the business originate?
By 2014 I had become acutely aware of the ‘big data challenge’ faced by security teams within enterprise organisations, and I realised it was only getting worse.
At the time I was working with CISOs in the finance sector and the conversations we were having repeatedly circled back to the same pain point; “We have too much data, and too little insight.” They were in effect flying blind – too many products, creating too much siloed data.
I could see that there was a gap in the market. Without automated visibility across their security controls, CISOs don’t have the insight to make educated proactive decisions to improve the quality of their cyber security and cyber-hygiene practices ultimately reducing the risk to their organisation.
This was the seed from which Panaseer grew. The CISOs we work with now have a way to visualise actionable insights from unified Security, IT and Business data, meaning they are no longer flying blind.
Do you have customers yet? If not, how far into your business lifecycle are you?
Panaseer's customer base includes Fortune 500 and FTSE 100 organisations in the UK and North America. We have great relationships with our customers and pride ourselves on the exceptional quality of customer service we provide.
Having initially focused on an on-prem solution we’re excited to be evolving our cloud offering with AWS allowing us greater flexibility to meet our customers needs and provide this automated visibility and insight to an increasing number or organisations. On-premise options for deployment start with a single instance “Quick Start” Virtual Appliance, ideally suited for rapid Proof of Concept.
For production-grade deployments, distributed clusters, built on virtual and/or physical servers, can expand up to full enterprise scale. Alternatively, Panaseer can deploy and host a dedicated instance of the platform on a secure, virtual private cloud on AWS.
How have you funded your growth to date?
Panaseer is an enterprise technology company, which means it is very capital intensive. Moving from concept to build and then execution meant that we needed a decent amount of investment. It really took the pressure off when we raised $2.25million in 2015 through a syndicated seed investment round as it meant we could laser focus on product development.
Since then we have hugely refined the product and build a stellar team – the feedback from customers has been phenomenal, which has meant that we needed more investment to enable us to scale. This year we raised $10million in our Series A funding round led by US investors with participation from our existing investors too. Having this support is very motivating and means that we can drive our strategic aims by enhancing Panaseer’s access to the US and European markets.
What would a successful year look like for you?
We continue to go from strength to strength. Having brought on board our first VP Marketing and VP Sales we have seen our brand awareness evolve and our customer acquisition programmes accelerate.
We’ll continue to expand the depth and breadth of our solution enabling more insight and greater improvements in risk reduction for our clients.
Outside of your own business, which start up do you admire the most and why?
We really rate fellow cyber security start up Digital Shadows. Although we solve different parts of the cyber security puzzle, we share a similar ethos around the importance of organisations taking a risk-based approach to security.
They also recognise the need for greater diversity in our industry and so support a range of initiatives to promote this, including a Women in cyber group which both Digital Shadows and Panaseer are founding members of.
From a business point of view the company has consistently performed well and grown year on year since it was founded in 2011.
To see who else is exhibiting at Fintech Connect, click here.