Tel Aviv-based Panorays, which offers security risk management software, raises $42M Series B led by Greenfield Partners, bringing its total raised to $62M
Kyle Wiggers / VentureBeat :
Context & Ripple Effects
Panorays is scaling a business first funded in December 2019, when it raised a $15M Series A led by Oak HC/FT for its automated cybersecurity lifecycle management platform. The new $42M Series B lifts its total to $62M and brings in Greenfield Partners as lead — an investor already familiar with the Tel Aviv security market.
The lead is the notable signal here: Greenfield also led Oligo Security's $50M Series B in January 2025, meaning the firm now holds positions on both sides of enterprise security — application monitoring and third-party/vendor risk management — within the same Tel Aviv cluster that has produced comparably sized rounds at Grip Security and Daylight.
First-order effects
- Panorays gains $42M to expand its third-party security risk management platform, moving from the lifecycle-management positioning of its Series A toward competing for larger enterprise vendor-risk budgets.
- Greenfield Partners doubles its exposure to Tel Aviv enterprise security, pairing Panorays with its existing Oligo Security investment under one portfolio thesis.
Second-order effects
- Rival vendors attacking adjacent slices of the same buyer — such as Grip Security, which raised a $41M Series B for SaaS identity risk — face a better-funded competitor chasing the same CISO budget line, pushing differentiation toward depth of coverage rather than category claims.
- Follow-on investors evaluating the Tel Aviv security pipeline now have two Greenfield-led benchmarks at the $40M+ Series B tier, which anchors valuation expectations for the next cohort of Israeli risk-management startups.
Third-order effects
- If repeat leads keep concentrating capital in single geographies, Tel Aviv solidifies further as a security-startup export hub where a handful of firms build thematic books across the whole enterprise-security stack — from application monitoring to web access to third-party risk.
- Series B rounds in the $40M+ band becoming the norm for Israeli security startups points toward faster consolidation of the vendor-risk category, with later-stage capital favoring platforms that span procurement, monitoring, and compliance over point solutions.
The trend: Venture capital is concentrating on Tel Aviv cybersecurity startups at the Series B tier, with repeat leads like Greenfield Partners assembling multi-category portfolios across the enterprise-security stack.