Paramify (Lehi) raised a $3.5 million funding round from Album and Next Frontier Capital to provide Governance, Risk and Compliance (GRC) professionals an efficient documentation tool.
Lehi, Utah, August 20, 2024
Paramify, the Lehi, Utah-based GRC documentation automation company, announced today that it has raised a $3.5 million Seed Round from Album VC (Lehi) and Next Frontier Capital (Salt Lake City and Bozeman).
The funding round will be used to further fund Paramify's product development to bring Governance, Risk and Compliance (GRC) professionals the documentation tool they need—reducing months of effort to generate System Security Plans (SSPs) down to hours, for a fraction of the cost. The seed funding will increase Paramify’s ability to rapidly improve and expand their product to address Continuous Monitoring, Plans of Action and Milestones (POA&Ms), additional compliance frameworks and product integrations.
GRC professionals know all too well the expensive, time-consuming paperchase involved in the compliance documentation process. Paramify automates the documentation GRC professionals love to hate—including FedRAMP, StateRAMP, TXRAMP, CMMC, and SOC2, with additional frameworks slated to be launched in the near future. Before Paramify, the documentation process for a standard like FedRAMP would take months and even sometimes years to complete. Paramify reduces that timeline down to a few hours.
“Paramify has helped organizations, many of which are our clients, automate the creation of documentation packages—in addition to other capabilities—faster and more accurately than I have ever seen in the marketplace to date,” said Mike Parisi, Head of Client Acquisition, Schellman.
Since its initial product launch in October 2023, Paramify now provides compliance documentation tools for high-profile customers like Palo Alto Networks, Adobe, Cisco, Trellix, Keeper Security, and many other leading FedRAMP authorized cloud service providers. In addition to in-house implementations, GRC advisory firms such as StackArmor, 38 North, Steel Patriot Partners, Prescient Security and dozens more have chosen to partner with Paramify to multiply their ability to reach their customers’ compliance goals.
“Security professionals get into this line of work to do actual security work - not to have their hours taken up by paperwork. As it happens, the endless paperchase tends to drive cybersecurity professionals to the brink of insanity,” said Kenny Scott, Paramify's Founder and CEO. “Paramify automates that paperchase—it's an Iron Man suit for your GRC team. Thanks to our team and community, it just keeps getting better.”
Built on the Open Security Controls Assessment Language (OSCAL), a next-generation standard from the National Institute of Standards and Technology (NIST), the Paramify platform facilitates continuous, automated security control assessments. Paramify allows clients to quickly transform manually maintained documents, such as legacy SSPs, and leverage AI to pinpoint improvements, ending the reliance on word document and spreadsheet updates.
Album, a leading Venture Capital firm, led the round, with participation from Next Frontier Capital. “Paramify has been able to identify one of the most onerous tasks of any large tech organization and apply an incredibly simple solution to alleviate the pain that these teams experience,” said Diogo Myrrha, Partner at Album. “We are excited to partner with Paramify in reshaping the way security and compliance is done and now actively monitored.”
"We envision a future where Paramify empowers GRC professionals everywhere to lead strategy, implement solutions, and conduct assessments using their favorite automation platforms and tools," said Scott.
Paramify is a Lehi-based software company founded by Kenny Scott and Tyler Stephens in 2022. The company automates compliance documentation, taking the process of generating and maintaining security documentation for compliance frameworks (including FedRAMP, CMMC, StateRAMP, SOC2, and more) from months of work down to hours, for a fraction of the cost. Founded in 2022, and its 29 employees based at Kiln Lehi, Paramify is dedicated to making risk management approachable for everyone by reducing the time, mind-numbing work, and corporate expense dedicated to compliance documentation.
For more information about Paramify and improved security and compliance documentation for a fraction of the price, visit paramify.com or linkedin.com/company/Paramify.
Paramify will be attending the StateRAMP Cyber Summit on September 12, 2024 in Indianapolis, and AWS re:Invent in Las Vegas, December 2-6, 2024.