Betakit cover’s HyperComply’s Series A financing – read the full announcement here.

HyperComply co-founder and CEO Amar Chahal believes that “the way companies build trust with each other is fundamentally broken.”

Security reviews are a necessary procedure designed to assess the cybersecurity and compliance of potential B2B software vendors. Amid the already significant and rising cost of cybercrime, Chahal says prospective buyers “must do due diligence” on their supply chain given that most of the damage from cybercrime can be traced back to third-party suppliers.

“If you look at every other player in the space, everyone is very invested in perpetuating [questionnaires].”

But as Chahal puts it, the typical security review process is “long, manual, [and] painful,” and can take weeks or months to complete, resulting in slower sales cycles or, potentially, lost deals. According to Chahal, the proceess typically involves a questionnaire in a spreadsheet, an “antiquated [and] time-consuming” mechanism for B2B software vendors and buyers alike.