CONFERENCE On Demand: Cyber AI & Automation Summit - Watch Now
Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Security Testing Firm Synack Raises $25 Million

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. 

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.

Synack Logo

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.”

Written By

For more than 15 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join us as we delve into the transformative potential of AI, predictive ChatGPT-like tools and automation to detect and defend against cyberattacks.

Register

As cybersecurity breaches and incidents escalate, the cyber insurance ecosystem is undergoing rapid and transformational change.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Vulnerabilities

Less than a week after announcing that it would suspended service indefinitely due to a conflict with an (at the time) unnamed security researcher...

Data Breaches

OpenAI has confirmed a ChatGPT data breach on the same day a security firm reported seeing the use of a component affected by an...

Risk Management

The supply chain threat is directly linked to attack surface management, but the supply chain must be known and understood before it can be...

IoT Security

A group of seven security researchers have discovered numerous vulnerabilities in vehicles from 16 car makers, including bugs that allowed them to control car...

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

Vulnerabilities

A researcher at IOActive discovered that home security systems from SimpliSafe are plagued by a vulnerability that allows tech savvy burglars to remotely disable...