Brazil-based Tenchi Security secures $7million in funding from Bradesco PE&VC, L4 Venture Builder (a fund supported by B3, the São Paulo stock exchange), and Accenture.
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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.
Tenchi’s co-founders, Felipe Bouças and Alexandre Sieira said, “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,”.
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.
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Bouças said, “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,”.
Sieira said, “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,”.
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.
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Ragazzi said “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.
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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.
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