Vendict, an Israeli startup, has secured $9.5 million in funding to revolutionize the security compliance process using generative AI. The funding round was led by NFX, Disruptive AI, and Cardumen Capital, with participation from NewFund Capital, Tuesday Capital, Cyber Club London, and Andy Ellis. The company aims to automate the time-consuming task of filling out security questionnaires for enterprise software vendors seeking to prove their compliance with customer security requirements.
Currently, filling out these questionnaires is a manual and labor-intensive process for vendors. Vendict plans to streamline this process by leveraging generative AI-powered answers based on a vendor’s own data. By automating the questionnaire filling process, Vendict can save vendors hundreds of work hours each month and accelerate the sales process for its clients.
What sets Vendict apart is its unique AI model that excels in security language. Combining high-level security assessment expertise with cutting-edge AI innovation, Vendict’s AI model can drastically reduce the time it takes to complete security assessments, from weeks to just hours. Additionally, the AI model continuously improves its efficiency with every user interaction, making it a game-changer in the governance, risk, and compliance (GRC) landscape.
Vendict’s approach involves extracting data from a company’s existing compliance information and utilizing its generative AI stack to provide professional and accurate responses to each question in a given questionnaire. Alongside aiding internal risk management, Vendict also offers internal audits, regulation tracking, and a centralized knowledge base for all compliance documentation.
With Vendict’s comprehensive vendor analysis, organizations can quickly conduct end-to-end assessments based on industry, service criticality, and data sensitivity levels. The platform also guides businesses in improving their security compliance stance, enabling them to expand into new markets.
Raul Zayat Galante, Head of Security at Orca Security, praised Vendict, claiming that they have significantly reduced the time spent on RFIs and security questionnaire responses. He highly recommended Vendict to any organization looking to improve their RFI and security questionnaire response process.
Udi Cohen, Co-Founder and CEO of Vendict, expressed a vision for the future, stating that Vendict aims to generate security assessment reports for buyers based on the sellers’ documents and the criticality of the vendor.
Through these innovations, Vendict is poised to lead a paradigm shift in how security compliance is approached, making it less burdensome and easier than ever before. With its funding secured, Vendict is well-equipped to transform the security compliance landscape with its generative AI technology.
