Web application security firm Detectify today announced that it has raised €21.5 million (~$23.7 million) in Series B funding, which brings the total raised to date to $32 million.
The Stockholm, Sweden-based company plans on using the funding to further accelerate growth through hiring new talent.
Founded in 2013 by ethical hackers, Detectify is focused on securing web applications through Detectify Crowdsource, an invite-only ethical hacker network that allows security researchers to submit exploited vulnerabilities, which are then built into the Detectify automation platform.
Last year, the company announced a €5 million (~$5.5 million) Series A funding round, which it invested in expanding Detectify Crowdsource. Community modules on the platform have discovered more than 110,000 vulnerabilities in customers’ assets over the past eighteen months, Detectify says.
According to Detectify, Crowdsource helps ethical hackers have a greater impact, as automation could result in securing hundreds of web apps through a single discovered vulnerability. The hackers are paid each time their submitted modules discover security bugs in a customer’s web apps.
Detectify also has a Boston office and has expanded its client base in the US, with software companies such as Trello, Spotify and KING as customers.
The new funding round was led by venture capital firm Balderton Capital, but also saw participation from existing investors Paua Ventures, Inventure and Insight Partners.
“We are delighted to add Balderton Capital to the group of supporters for our mission. The first conversation with them took place five years ago, so we are thrilled to be partnering with them. The Balderton team is a great match for us as they see an ethical core as a critical element of every great global company,” Rickard Carlsson, Detectify’s CEO and co-founder, commented.
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