Pentest-as-a-Service (PtaaS) company Cobalt announced on Thursday that it has raised $29 million in a Series B funding round.
The funding round, which brings the total raised by the firm to $37 million, was led by venture capital firm Highland Europe, with participation from several angel investors. Cobalt says it will use the money to improve its platform and expand its global usage.
Founded in 2013, Cobalt has designed a platform that connects vetted ethical hackers with organizations looking to test the security of their products.
Cobalt assigns pentesters whose skills match the targeted application stack. These testers will look for a wide range of vulnerabilities, with findings being reported in real time on the Cobalt platform. Once the customer patches the identified flaws — a process in which they can receive assistance from the pentesters — everything is re-tested and verified. Customers pay a fixed price based on the size of their application and the frequency of testing.
Cobalt says it has roughly 300 pentesters and more than 500 customers, including Axel Springer, GoDaddy, MuleSoft and Vonage.
“As someone who oversees security for a large and diverse portfolio of web applications, traditional pentesting simply cannot keep pace,” said Henning Christiansen, CISO at Axel Springer. “We need real-time insight. Cobalt’s unique delivery model meets this need. All our business units have embraced the platform, which is testament to its ease of use, quality of the test findings, and ability to deliver real results.”