Magnitude secures $10M to deploy AI agents for third party risk

Cybersecurity startup Magnitude has officially launched after raising $10 million in seed funding led by Ballistic Ventures. Based in San Francisco, it aims to improve third-party risk management (TPRM) using an autonomous AI workforce that continuously evaluates vendor risks and manages AI agents across third-party relationships.

Magnitude's AI agents can assess and respond to vulnerabilities by identifying affected vendors and prioritizing remediation actions, thereby maintaining a robust risk management approach as organizations rely on intricate vendor ecosystems. CEO Rami Habal emphasized the need for a modern approach to TPRM to accommodate the rapid evolution of interconnected technologies and threats.