Vendict Introduces Gen AI in the Thriving $47 Billion Security and Compliance Market

**Tel-Aviv Startup Vendict Raises $9.5 Million to Launch World’s First Generative AI Software**

Tel-Aviv-based startup Vendict has announced its emergence from stealth mode, securing $9.5 million in funding. The company is introducing the world’s first generative AI software specifically designed for security and compliance teams.

**Transforming Security Assessments with AI**

Enterprises globally rely on software valued at $47 billion in 2022 to manage their security risks. When considering new vendors, these companies often require lengthy security questionnaires to be completed. Vendict aims to address this challenge by offering an AI-driven solution that significantly reduces the time required for these security assessments from weeks to hours.

**A Game-Changing Solution**

Vendict’s founders, CEO Udi Cohen and CTO Michael Keslassy, recognized the bottleneck created by the extensive work of governance, risk, and compliance (GRC) experts in the vendor approval process. Their solution harnesses generative AI technology, which is trained to comprehend security and compliance terms. With each user interaction, Vendict’s model becomes smarter, further improving the productivity and time-saving capabilities of GRC experts.

**Beneficial for Both Sellers and Buyers**

Vendict’s AI security expert serves the needs of both sellers and buyers. For sellers, the software generates accurate and professional responses to each question based on the seller’s compliance data, including past questionnaires, audit reports, policies, and procedures. These responses help sellers enhance their security compliance posture and expand into additional industries and markets.

On the other hand, buyers can leverage Vendict’s AI to conduct quick and comprehensive vendor analyses, considering specific industries, service criticality, and data sensitivity levels. Furthermore, the software’s capabilities extend to assisting buyers with internal risk management, internal audits, and regulation tracking.

**Success Stories with Vendict**

Orca Security’s Head of Security, Raul Zayat Galante, sung praises for Vendict: “We used to spend hours manually compiling and updating our responses to RFIs and security questionnaires. But since we started using Vendict, 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.”

**NFX, Disruptive AI, and Cardumen Capital Lead $9.5 Million Funding Round**

Vendict’s recent funding round, raising $9.5 million, was led by NFX, Disruptive AI, and Cardumen Capital. NewFund Capital, Tuesday Capital, Cyber Club London, and early-stage investor Andy Ellis also participated in this successful round. The level of investor interest is reflective of the broader excitement surrounding generative AI. In the first half of 2023, 51 generative AI startups globally secured approximately $13.8 billion in funding, marking a tenfold increase compared to the previous year.

**Growing Market Demand for Generative AI Solutions**

The market for generative AI solutions is expanding rapidly, with a particular interest from enterprises interested in testing models trained within specific domains, such as Vendict’s expertise. A new study by Capgemini found that 74% of executives in the United States believe that the benefits of generative AI outweigh any associated concerns. Over 60% of American companies surveyed have already established dedicated generative AI teams and allocated budgets. Furthermore, 70% of global executives surveyed believe that generative AI will allow organizations to broaden the scope of knowledge workers’ roles.

**The Economic Impact of Generative AI**

McKinsey estimates that generative AI has the potential to contribute $2.6 trillion to $4.4 trillion annually to the global economy, adding 15% to 40% onto the previously estimated impact of all artificial intelligence. According to McKinsey, generative AI can transform the nature of work by automating certain activities and augmenting the capabilities of professionals in various fields, including GRC and security professionals.

In summary, Vendict’s emergence from stealth mode and its $9.5 million funding round demonstrate the growing prominence of generative AI technology in the security and compliance landscape. This innovative software holds the promise of saving time, improving accuracy, and increasing efficiency for both vendors and buyers. With the market demand for generative AI quickly rising, Vendict is poised to lead the way in this transformative field.