Ostendio, a leading provider of always-on integrated risk management technology, announced the closing of a Series A financing to enable more customers with data security and risk management needs to join the MyVCM Trust Network. The round was led by Osage Venture Partners and included follow-on investments from Blu Venture Investors, CIT GAP Funds, and other existing investors.
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Ostendio operates an industry-leading Integrated Risk Management platform already used by hundreds of organizations throughout North America. This latest funding will be used to continue the expansion of Ostendio’s network of audit partners (Auditor Connect) and its vendor risk management solution (Vendor Connect), making the MyVCM Trust Network the default security and risk management community in North America.
Organizations of all sizes already use the Ostendio MyVCM platform to build, operate and showcase their security and compliance programs, and align those programs with more than 100 global security and privacy frameworks. The MyVCM Trust Network allows any Ostendio MyVCM customer to establish a trusted connection with their auditors and their vendors to request and share relevant security and privacy information.
“We have always believed information security should not be an ad hoc process, nor be limited to the inside of the organization,” said Grant Elliott, CEO and Chairman of Ostendio. “With this investment we will help many more companies move away from the arcane and episodic security audit process, helping them to transition to an always on, always auditable, always secure alternative.”
“We were impressed by both the magnitude and simplicity of Ostendio’s vision in a very large market where innovation is long overdue, particularly as security and compliance requirements proliferate,” said Sean Dowling of Osage Venture Partners, who will also be joining Ostendio’s Board of Directors. “Ostendio’s rate of customer acquisition has been impressive, which we believe can accelerate further with additional investment.”
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The Ostendio MyVCM platform currently handles over 100,000 user activities every month, and over the past 12 months has supported more than 1,000 security assessments. Core platform features also include risk management, document management, learning management, asset management, and vendor management. Ostendio supports customers across multiple industries including hospital and healthcare, financial services, education, computer and network security, and IOT medical device manufacturers.
“This funding will help us invest further in product development and customer support as we continue to scale in line with customer and market demand,” said Marc Bandini, COO and President of Ostendio. “While building, operating, and auditing a comprehensive security and risk management program will never be easy, it is our mission to make it easier.”
Ostendio is a privately-owned company based in Arlington, VA. Ostendio was recently recognized as one of Washington Business Journal’s “Best Places to Work 2020” companies and has received numerous awards including those for cybersecurity excellence and diversity.
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