Tenchi Security raises a $7 million Series A from Bradesco, L4 Venture Builder, and Accenture
The investment round led by Bradesco PE&VC will establish Tenchi as the leading national player in third-party cyber risk management, contributing to its future positioning as a global technology company.
Tenchi Security, a technology company focused on Third-Party Cyber Risk Management, announces a $7 million investment from Bradesco PE&VC, L4 Venture Builder (a fund supported by B3, the São Paulo stock exchange), and Accenture. Previous investors, including MAYA Capital, Kinea (part of the Itaú group), ONEVC, and GFC, are still on the cap table, with the first three doing follow-on investments in this round.
“The purpose of this funding is to accelerate product development and increase sales and marketing activities, aligning with a strategic plan that sets aggressive growth targets for the coming years,” say Tenchi’s co-founders, Felipe Bouças and Alexandre Sieira.
The company is a national leader in Third-Party Cyber Risk Management (TPCRM), pioneering solutions to enhance cybersecurity levels cooperatively and at scale across corporate ecosystems.
“We are solidifying our position as the leading national TPCRM player, ready to compete globally. Our product vision positions us as an orchestrator of security management throughout the value chain, facilitating the execution of this task and bringing visibility to environments previously overlooked by current methods and technologies. The additional funding will enable us to rapidly execute this vision, strengthening operations in Brazil and allowing for future expansion into other countries,” declares Bouças.
The World Economic Forum’s Global Cybersecurity Outlook 2024 report, in collaboration with Accenture, states that partners in corporate business ecosystems are simultaneously “the greatest asset and the greatest impediment to a secure, resilient, and trustworthy digital future.” The report also underscores the impact by revealing that “41% of organizations that suffered a material impact from a cyberattack said it originated from a third party.” Finally, it highlights the significant disruption opportunity in third-party risk management, noting that “54% of organizations have insufficient visibility into the vulnerabilities of their supply chain.”
“Corporations increasingly face the reality that securing their own environment is not enough. It’s essential to have visibility into the third parties/suppliers they engage with, as attackers exploit less mature companies to get to the same data and systems. Our product embodies a new and globally unique take on Third-Party Cyber Risk Management, abandoning the audit-centric approach and focusing on collaborative efforts to enhance third-party security. This way, the CISO becomes an enabler for business initiatives supported by third parties rather than living up to the ‘department of no’ stereotype. It’s a paradigm shift yielding unprecedented results, allowing us to build a portfolio of major clients,” says Sieira.
Rodrigo Ragazzi, Managing Director of Bradesco Private Equity & Venture Capital, will become a member of the company’s board, joining CEO Felipe Bouças and CTO Alexandre Sieira at Tenchi.
According to Ragazzi, “Bradesco has a solid institutional practice and culture in information security, and due to this synergy, we have always been interested in investing in this dynamic and high-growth market in our portfolio. Tenchi combines a solid investment thesis, experienced entrepreneurs, traction, and the opportunity to have a Brazilian cyber security pioneer that can become a global leader in its field.”
With Accenture as an investor, Tenchi joins Accenture Ventures’ Spotlight Project, a global program for sourcing and investing in promising startups, integrating them into its innovation network. Accenture clients will have access to an innovative and disruptive solution in terms of third-party cyber risk management, further enhancing Accenture’s value proposition in its ongoing commitment to excellence and leadership in delivering cutting-edge cybersecurity services.
About Tenchi Security
Tenchi specializes in Third-Party Cyber Risk Management (TPCRM). Its mission is to reduce information asymmetry regarding information security and compliance risks in corporate ecosystems in a cooperative and scalable manner. Recognized as a Great Place to Work (GPTW), Tenchi also participates in the Scale Up Outliers program by Endeavor.
About Bradesco Private Equity & Venture Capital (Bradesco PE & VC)
Bradesco PE & VC stands out as an innovation driver within the Bradesco ecosystem, seeking global opportunities across various sectors and development stages. Managing the robust Inovabra I Fund, with over R$1 billion in assets and composed entirely of Bradesco’s proprietary capital, Bradesco PE & VC aims to maximize return on invested capital by providing flexibility and strategic expertise. The team focuses on companies with well-defined value propositions, aiming to assist in structuring, developing, and expanding businesses alongside entrepreneurs. Actively participating in advisory boards, Bradesco PE & VC is committed to driving sustainable growth for portfolio companies. The firm reaffirms its commitment to fostering global innovation and contributing to the lasting success of partner companies.
About L4 Venture Builder
L4 Venture Builder is an independent investment fund with investment from B3 and operates with a flexible format to develop its businesses. It selects projects in which B3 will have equity participation in sectors with high growth potential.To learn more, visit: https://en.l4vb.com/
