Synack, a startup that has built a platform for crowdsourced security testing, announced on Thursday that it has raised $25 million in Series B funding co-led by GGV Capital and Icon Ventures.
The company previously raised $1.5 million in the summer of 2013 and $7.5 million in April 2014. In total, Synack as raised more than $34 million in less than two years.
Founded in 2013 by Jay Kaplan and Mark Kuhr, Redwood City, California-based Synack is looking to disrupt the traditional model of vulnerability assessments and penetration testing.
The new funds will be used to expand the company’s internal security engineering team, as well as recruiting and certifying additional researchers.
The company said that it will also utilize the funds to expand its R&D efforts and to further develop Synack’s security platform.
“Since our last round just nine months ago, we have been successful in targeting and recruiting some of the most sought-after security researchers in the world to join our team, and we have expanded our customer base across multiple industry verticals including financial services, banking, healthcare, education, retail, entertainment, technology and manufacturing,” said Jay Kaplan, CEO of Synack. “Synack’s rapid growth over the past few months speaks to the ability we have to help enterprises address the massive problem they face in protecting their key information assets using only traditional security methodologies.”
