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Vendict emerges with $9.5M in funding to automate security compliance with generative AI

Bynewsmagzines

Jul 12, 2023
Vendict emerges with $9.5M in funding to automate security compliance with generative AI


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Today, enterprise software vendors must often fill out questionnaires proving they are compliant with the security requirements of the customers they seek to service — a highly manual, technical and time-consuming process.

Vendict wants to change all that. The Israeli startup is emerging from stealth today with $9.5 million in funding led by NFX, Disruptive AI and Cardumen Capital and joined by NewFund Capital, Tuesday Capital, Cyber Club London and Andy Ellis.

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The company aims to streamline security compliance assessment by automating the filling out of questionnaires with generative AI-powered answers that use a vendor’s own data, saving them hundreds of work hours each month and accelerating the sales process for its clients.

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An AI fluent in security lingo?

Vendict founders Udi Cohen, CEO, and Michael Keslassy, CTO, set out to create an AI model that excels in security language. This unique AI capability combines high-level security assessment expertise with cutting-edge AI innovation, a first in the governance, risk and compliance (GRC) landscape.

The company uses a combination of its own large language model (LLM) combined with other leading ones. “We use a proprietary pipeline that combines our own security-compliance-trained LLM and other proprietary models, along with Microsoft Azure rephrasing LLM,” Cohen told VentureBeat via email.

Not only does this novel AI model shorten security assessments from weeks to mere hours, it also continuously improves efficiency with every user interaction. Recognizing the integral role of natural language processing and generative AI in transforming security questionnaires and driving automation in compliance tasks, the Vendict team wants to redefine the GRC landscape.

Pro-grade responses

Vendict’s innovative approach involves extracting data from an organization’s existing compliance information and using its generative AI stack to respond professionally and accurately to each question in a given questionnaire.

In addition to aiding in internal risk management, Vendict also provides internal audits, regulation tracking, and a centralized knowledge base for all compliance documentation.

With Vendict’s comprehensive vendor analysis, organizations can conduct swift end-to-end assessments based on industry, service criticality, and data sensitivity level. Vendict also guides businesses in improving their security compliance stance, thereby enabling them to venture into new markets.

Raul Zayat Galante, head of security at Orca Security, vouched for Vendict’s transformative power, stating, “We’ve been able to significantly reduce the time we spend on RFIs and security questionnaire responses … We highly recommend Vendict to any organization that wants to improve its RFI and security questionnaire response process.”

Vendict’s Cohen expressed his vision for the future of security compliance, saying, “Vendict will generate security assessment reports to the buyers, based on the sellers’ documents, and the criticality of the vendor.”

Through these innovations, Vendict wants to lead a paradigm shift in how security compliance is approached, making it less burdensome and easier than ever before.

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