San Francisco— Whistic, Inc.., creator of an innovative network to assess, publish and share vendor security information, today announced the closing of its Series B funding with a $35 million investment round led by JMI Equity (“JMI”), a growth capital firm focused on investing in leading software companies, with participation from Forgepoint Capital and existing investors Emergence Capital, Album VC and FJ Labs. This investment brings Whistic’s total funding to over $50 million since its inception in 2015.
2021 was one of the worst years in history for vendor security incidents, making the need to build trust and transparency between businesses increasingly important. Today, the Whistic Vendor Security Network™ includes more than 40,000 profiles available on demand. Every month, thousands of buyers accept a Whistic profile instead of requesting a questionnaire to satisfy their supplier evaluation requirements. These contactless assessmentsMT build trust and transparency while 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,” said Nick Sorensen, CEO of Whistic. “The Whistic two-sided network approach to vendor security is the best way to meet the needs of buyers and sellers. This investment from JMI allows us to accelerate our ability to continue solving pressing issues for our global customer base and we couldn’t be more excited for the future.
“We understand the critical importance of a reliable supply chain in today’s global environment,” says Suken Vakil, General Partner at JMI. “Whistic is the undisputed leader for companies looking to implement a simplified and automated vendor security assessment program. We are thrilled to partner with Whistic as they and their customers create a new expectation where safety comes first.
Whistic has played a key role in driving industry change, including the recent release of the Safety First Initiative, which supports the Whistic profile as a standard way to share security information. Founding members of the initiative include Okta, Airbnb, Zendesk, Asana, Atlassian, Snap, Notion, and TripActions. Other early entrants are Cloud Security Alliance, Drata, RiskRecon, RFPIO, and Tevora.
This new approach to trust and transparency in vendor security is underscored by recent findings from the 2022 Vendor Security Status Report:
- The number of vendors assessed increased by 22% in 2021 and is expected to double over the next four years.
- Ninety-four percent of buyers are willing to begin a supplier assessment using a completed on-demand questionnaire.
- Eighty percent of suppliers express their willingness to make information about their security policy public.
- Ninety percent of sales reps surveyed are promoted each quarter due to vendor security review delays.
These trends support the growing acceptance and use of the Whistic profile as the de facto standard for establishing trust and transparency. Additionally, Whistic recently released Whistic basic profilea limited version of its flagship offering that allows any business to proactively share its security posture with its customers and publish it for free on the Whistic Vendor Security Network.
Attendees of the upcoming RSA 2022 conference can tune in with Whistic at Moscone South Booth #3317.
About JMI Equity
JMI Equity is a growth capital firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 170 companies in its target markets, successfully completed over 110 exits and raised over $6 billion in committed capital. JMI partners with exceptional leadership teams to help build their companies into industry leaders. For more information, visit www.jmi.com.
Located in the heart of the Silicon Slopes in Utah, Whistic is the network for rating, publishing and sharing vendor security information. The Whistic Vendor Security Network expedites the vendor assessment process by allowing businesses to access and assess a vendor’s Whistic profile and create trusted connections that last well beyond the initial assessment. Make security your competitive advantage and join Security First companies like Airbnb, Okta, Zendesk, Asana, Atlassian, Snap, Notion, TripActions, and G2 that are leveraging Whistic to modernize their vendor security programs. For more information, visit Whistic.com.