WillItSurvive
Cybersecurity companies · Israel

Panorays

panorays.com ↗

Panorays runs a platform that scores and manages the cyber risk of a company's vendors and partners.

Losing its protection
Assessed 21 July 2026 · Evidence as of 21 July 2026
The structural protection is eroding.
On the recordSince 21 July 2026 · Checkable from within 6-12 months · Every call on the record Checkpoint: Whether Bitsight or SecurityScorecard ship matching two-sided vendor-collaboration AI features
The call

Panorays ships a real, well-reviewed product but hasn't raised money since 2021 while two better-funded rivals close the AI gap it built its name on.

Panorays is a software company that helps large businesses check whether the companies they do business with are cybersecurity risks. Right now it has real customers and gets recognition from analyst firms, so it is not a failed company. But competitors like Bitsight and SecurityScorecard are much larger, and there is nothing stopping them from building the same features Panorays offers. On top of that, regular AI tools can now do much of what Panorays' software does, like writing security questions and scoring risk, so the gap between Panorays and its competitors keeps getting smaller. The one thing that could save Panorays is if a bigger company buys it, or if new government rules force all businesses to buy these tools so fast that Panorays grows before its larger rivals catch up completely.

Why
01
AI pressure: Generic LLMs and agentic AI tools that draft, validate, and score vendor security questionnaires. The questionnaire drafting and evidence checking Panorays sells is exactly what generic AI tools are getting good at doing for free. Could AI do the core job? Only partly.
02
Bigger players: Bitsight and SecurityScorecard. Bitsight has 3,500+ customers and SecurityScorecard rates 12M+ companies; both are matched Forrester Leaders now adding the same AI features Panorays built. Could a giant copy it? Yes, easily.
03
What protects it. Existing workflows tying customers and their vendors into Panorays' collaboration process, plus a fresh Forrester Leader nod and ISO 42001 AI certification.
What would change this call
Bitsight or SecurityScorecard launches agentic AI vendor-collaboration features within 12 months. Would close Panorays' AI-differentiation window against bigger-scale rivals.
Panorays announces a Series C or new funding round after its 2021 Series B. Would show it can still attract growth capital despite the funding gap.
Independent reports (LinkedIn, news) confirm Panorays headcount rising or falling from ~119-158 range. Would clarify whether the company is growing or contracting.
Key numbers
  • $62M total funding, last round 2021 (2021-09-22)
  • Estimated ARR fell from $32.8M (2023) to $13.1M (2025) (2025-09-17)
  • Headcount estimates range 119 to 158 across sources (2025-09-17)
Named risks
  • No confirmed funding round since the $42M Series B in September 2021, a five-year capital gap. Severity: high
  • Core questionnaire-automation workflow is increasingly commoditizable by generic LLMs. Severity: high
  • Bitsight and SecurityScorecard shipping overlapping AI and collaboration features could close Panorays' differentiation window within 6-12 months. Severity: high
  • Conflicting third-party headcount estimates, ranging from about 90 to 166, suggest possible attrition. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Bitsightlosing toBitsight has 3,500+ customers and shipped AI-Powered Attribution features by 2026-04
SecurityScorecardlosing toSecurityScorecard rates 12M+ companies with 98% Fortune 500 adoption as of 2023-09
ServiceNow Vendor Risk ManagementcontestingGRC incumbent expanding into vendor risk management, overlapping with Panorays' niche
OneTrustcontestingBroader GRC platform competing for the same third-party risk management budget
Questions people ask
Is Panorays profitable in 2026?
No company-disclosed profitability figures exist. Panorays' last confirmed funding was a $42M Series B in September 2021, and no new capital raise has been publicly confirmed since, per available records as of 2026.
Could AI replace Panorays?
AI could automate much of Panorays' core questionnaire and scoring workflow, but Panorays shipped its own self-hosted Panorays AI engine in July 2025 and earned ISO/IEC 42001 AI governance certification on 2025-11-24 to defend against that commoditization.
Who is Panorays' biggest competitor?
Bitsight and SecurityScorecard. Bitsight has 3,500+ customers and was also named a Forrester Leader in Q2 2026, while SecurityScorecard rates 12M+ companies and is used by 98% of the Fortune 500 as of 2023.
Has Panorays raised money recently?
No confirmed round has been reported since its $42M Series B closed in September 2021, led by Greenfield Partners. CB Insights lists an unverified Series C label as of 2026-01-26, but no dollar figure or press corroborates it.
Who owns Panorays?
Panorays is privately held and venture-backed, founded in 2016 by Matan Or-El, Meir Antar, and Demi Ben-Ari. Investors include Aleph VC, Oak HC/FT, and Greenfield Partners, with total disclosed funding of $62M through September 2021.
What is Panorays known for?
Panorays provides a third-party cyber risk management (TPCRM) platform with automated vendor questionnaires and attack surface scanning. It was named a Leader in The Forrester Wave: Cybersecurity Risk Rating Platforms, Q2 2026, on 2026-04-09.
Timeline
  • 2026-04-09Named a Leader in The Forrester Wave: Cybersecurity Risk Rating Platforms, Q2 2026
  • 2025-11-24Achieved ISO/IEC 42001 certification for AI governance
  • 2025-07-28Rolled out Panorays AI, a self-hosted NLP/ML engine for questionnaire automation
  • 2025-02-04Published 2025 CISO Survey on rising third-party cyber incidents
  • 2021-09-22Raised $42M Series B led by Greenfield Partners
  • 2019-12Raised $15M Series A led by Oak HC/FT
  • 2018-06-04Raised $5M seed round led by Aleph VC
  • 2016Founded by Matan Or-El, Meir Antar, and Demi Ben-Ari
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
SeqriteMeiya PicoNSFOCUS
More in Cybersecurity companies →
Sources