Wednesday, May 29 2024

Israeli startup Vendict has emerged, securing $9.5 million in funding from investors such as NFX, Disruptive AI, and Cardumen Capital. The company, co-founded by Udi Cohen and Michael Keslassy, aims to transform security compliance for businesses using the power of generative AI.

Traditionally, technology vendors are required to complete lengthy security questionnaires manually. Vendict seeks to change this process by utilizing generative AI to automate questionnaire responses. By doing so, Vendict saves working time, streamlines the sales process, and gives companies a competitive edge.

Vendict’s AI model is the first of its kind to master security language, addressing a crucial gap in the industry. Existing solutions focus exclusively on workflow optimization, but organizations still rely on human experts for most of their work. Vendict bridges this gap by providing an AI-driven security expert that understands the meaning of the text, drastically shortening security and vendor assessments from weeks to hours. In turn, the AI model becomes smarter and faster with each user interaction. 

Vendict recognized the potential of natural language processing (NLP) and generative AI as crucial technologies in automating security questionnaires even before these breakthroughs became widespread. Their solution combines a highly specialized area of security and vendor assessment with the innovation of AI.

Gadi Tirosh, venture partner at Disruptive AI, explained the rationale behind their investment, saying, “We recognized that Vendict effectively addresses a genuine issue related to establishing trust among buyers, sellers, and regulators. Their solution innovatively combines their unique AI technology with precise utilization of generative AI techniques.”

Vendict draws information from an organization’s compliance data, including past questionnaires, audit reports, policies, and procedures. Their generative AI stack provides accurate and professional responses to each question and questionnaire, enabling companies to improve their security compliance posture and expand into new industries and verticals.

Buyers can now benefit from quick and comprehensive vendor analysis based on industry, service criticality, and data sensitivity level. Vendict also assists with internal risk management, internal audits, and regulation tracking, providing a holistic solution for organizations.

Raul Zayat Galante, head of security at Orca Security, praised Vendict, stating, “Since we started using Vendicts, it’s been a game-changer. We’ve been able to significantly reduce the time we spend on RFIs and security questionnaire responses. We’re also more confident that our responses are accurate and complete.”

Looking ahead, Vendict plans to develop technology that eliminates the need for questionnaires. Instead, Vendict will generate security assessment reports based on vendor documents and criticality, revolutionizing the compliance process.

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