Crowdsourced security testing provider Synack on Thursday announced that it closed a $52 million Series D funding round, bringing the total raised by the company to $112.1 million.
Founded in 2013, Synack gathers cybersecurity talent to help organizations identify vulnerabilities in their assets. The Synack Red Team (SRT) is powered by over 1,500 ethical hackers from 82 countries.
Synack’s platform is leveraged by worldwide banks, retailers and healthcare companies, as well as major federal government agencies, including the Department of Defense, and aerospace and defense organizations for security bug hunting.
The company says it will use the new funding to invest more in the SRT community, as well as to advance its SmartScan technology that can continuously monitor for vulnerabilities.
Furthermore, the company plans to use the financial boost to expand internationally (it already provides bug hunting services to organizations in the U.S., Europe, and parts of the Middle East and Asia) and beyond Global 2000 firms, to cater to medium-size and small enterprises.
The company also plans on continuing investing in its core products (which combine hacker talent with AI and machine learning for vulnerability discovery), and invest in new products and offerings to expand its crowdsourced cybersecurity model to accommodate the increased reliance on remote workforces.
“The only way to guarantee trust and control in cybersecurity used to be through on-site work. That’s simply no longer the case. Synack can maintain trust and visibility all while giving customers access to an army of the most talented ethical hackers to defend against today’s relentless cyberattacks,” Synack CEO Jay Kaplan said.
The new funding round was co-led by B Capital Group and C5 Capital, but also saw participation from previous investors GGV Capital, GV (formerly Google Ventures), Hewlett Packard Enterprise, Icon Ventures, Intel Capital, Kleiner Perkins, Microsoft’s venture fund M12 and Singtel Innov8.