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Interos announced it has raised $17.5 million in a Series B funding round to accelerate data science and engineering growth, expand personnel and boost sales to drive commercial momentum for its leading risk management platform.
The funding comes after Interos tripled its headcount, increased annual recurring revenue by 700% and hiked SaaS subscription bookings by 693% in 2019. With the funding, Interos expects to capitalize on last year’s growth and more than double its personnel in 2020, hiring more staff to augment its proprietary software, which exposes critical risks in the global supply chain for leading private and public sector customers.
The round was led by first-time investor Venrock with participation from Kleiner Perkins.
“After a strong 2019, this funding shows Interos has already secured major support in 2020 from the world’s most successful investors,” said Jennifer Bisceglie, CEO and founder of Interos. “Like our customers, investors see the value of the Interos platform, which is critical for global businesses in 2020. From events like the coronavirus to political unrest, companies need a platform that exposes risks and identifies how events affect suppliers around the world the moment they happen.”
“Interos is one of the most compelling big data and AI companies I’ve come across in the last decade,” said Nick Beim, Venrock partner. “Over the last 20 years, global supply chains have grown so rapidly and with so much opacity that most companies don’t know who they’re working with or who they’re dependent on. There’s so much data to gather to fully understand those risks, and Interos helps companies address these urgent, strategic issues with a brand new set of capabilities.”
Interos also recently added Phil Venables, a cybersecurity and risk expert to its board of directors. Venables’ distinguished career includes previously serving as Goldman Sachs’ first chief information security officer and head of technology risk, and as its chief operational risk officer. Prior to his work at Goldman Sachs, Venables was the chief information security officer at Deutsche Bank. Venables serves on the executive committee of the U.S. Financial Services Sector Coordinating Council for Critical Infrastructure Protection, is co-chair of the Board of Sheltered Harbor, and is a member of the boards of the Center for Internet Security and the NYU Tandon School of Engineering. He is also an adviser to the cybersecurity efforts of the U.S. National Research Council and the Institute for Defense Analyses.
Interos has worked with the U.S. Department of Defense, NASA and Department of Energy critical infrastructure. Interos uses machine learning to build and maintain the world’s largest knowledge graph of over 50 million relationships to discover and monitor the entirety of a supplier ecosystem. Each month, Interos ingests over 85,000 information feeds, processing over 250 million risks a month. Interos instantly visualizes the most complex multi-tier relationships, updating and alerting to changes in risk along five factors: financial, operations, governance, geographic and cyber.
“In today’s interconnected world, Interos is bringing clarity to the muddled, confusing nature of supplier relationships,” said Ted Schlein, partner at Kleiner Perkins. “By automating due diligence, leveraging sophisticated technology and exposing vital risks, Interos shines a light on an otherwise opaque global supply chain.”