SecurityScorecard acquires HyperComply to spice up AI-driven compliance automation

Safety scores agency SecurityScorecard Inc. at present disclosed that it not too long ago acquired HyperComply Inc., a Canadian startup that provides a synthetic intelligence-powered platform for safety questionnaire automation and compliance administration, for an undisclosed sum.

Based in 2019, HyperComply presents a platform that helps each gross sales and safety groups reply to safety questionnaires. The system combines machine studying and AI-assisted drafting with human verification to make sure solutions are correct whereas decreasing the work and time wanted.

HyperComply’s AI-powered platform automates safety questionnaire responses, centralizes an organization’s compliance information base and permits proactive proof sharing by way of belief portals and safe information rooms. The corporate’s “RespondAI” know-how, backed by human verification, ensures questionnaire accuracy whereas dramatically decreasing the workload for each suppliers and their clients by 92%.

The platform consists of instruments like a information base, workflows, templates and browser extensions to hurry up finishing questionnaires.

HyperComply additionally presents assist for third-party danger administration and due diligence. It supplies options for procurement and danger groups to evaluation distributors, handle the historical past of vendor safety assessments, and retailer and mix proof and documentation in safe shared venues, permitting organizations to onboard companions extra rapidly and with better confidence.

The corporate tries to construct steady belief by retaining compliance info updated somewhat than having distributors fill in lengthy static spreadsheets or questionnaires. That makes it simpler to reuse proof, share information and preserve safety confidence over time.

SecurityScorecard plans to mix its trusted safety scores and steady third- and fourth-party danger visibility with HyperComply’s clever automation capabilities to make it potential for patrons to cease the gradual, guide means of conducting vendor safety critiques and as an alternative get an entire, real-time image of their whole provide chain’s safety.

“Safety and compliance groups spend hours responding to vendor questionnaires, usually on the expense of innovation. Collectively, we’re making this course of 10 occasions sooner by way of automation and accuracy,” mentioned SecurityScorecard co-founder and Chief Govt Dr. Aleksandr Yampolskiy. “By bringing HyperComply into SecurityScorecard, we are able to remove a barrier to effectivity for suppliers whereas accelerating belief throughout your entire provide chain.”

The acquisition closed earlier this month and can, with time, see SecurityScorecard’s international scale and ecosystem mixed with HyperComply’s AI innovation. Clients can count on to see built-in choices later this yr, with SecurityScorecard aiming to ascertain steady, automated belief operations throughout your entire enterprise provide chain.

“We began HyperComply to free groups from the bottlenecks of guide questionnaires,” mentioned HyperComply co-founder and CEO Amar Chahal. “Along with SecurityScorecard, we are able to increase our attain, speed up innovation and ship a future the place provider assurance is steady, collaborative and AI-driven.”

Coming into its acquisition, HyperComply had raised $6.4 million in funding in a single spherical, in keeping with information from Tracxn. Traders within the firm included Golden Ventures and FirstMark Capital.

Photograph: HyperComply