Crowdsourced security testing platform startup Synack raises $52M
Crowdsourced security testing platform startup Synack Inc. has raised $52 million in new funding to develop its technology, expand internationally and invest in its community.
The Series D round was led by C5 Capital USA and included B Capital Group, GGV Capital, GV (previously Google Ventures), Hewlett Packard Enterprise Co., Icon Ventures, Intel Capital, Kleiner Perkins, Microsoft Corp.’s M12 and Singtel Innov8. Although the valuation on the round was not officially disclosed, Fortune reported that it was $500 million.
Founded in 2013 by former National Security Agency security experts, Synack, which bills itself as a “Hacker-Powered Intelligence Platform,” offers continuous security penetration testing powered by trusted ethical hackers and artificial intelligence technology. The company offers a cloud-based platform that includes on-demand remote access to more than 1,500 security researchers in 82 countries worldwide to scale continuous testing of web applications, mobile applications and host assets.
In the era of COVID-19, Synack said that its solutions are more relevant following the sudden increase in home working. That has left organizations exposed to a new wave of intensified and highly aggressive cyberattacks aiming to capitalize on vulnerable systems.
The company, headquartered in Redwood City, has offices and partner offices across North America, Europe, the Middle East and Asia and counts among its customers leading global banks and Fortune 500 companies as well as government agencies including the U.S. Department of Defense. Partners include HPE, Microsoft, SAP SA, Amazon Web Services Inc. and Google Cloud Platform.
“For years, remote work has become more and more desirable,” Synack Chief Executive Jay Kaplan said in a statement. “Now, it’s essential. Companies of all sizes are leaning on the platforms and services that enable a more nimble, dispersed workforce.”
Kaplan added that guaranteeing trust and control in cybersecurity used to mean strictly onsite work. “That’s simply no longer the case,” he said. “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.”
Including the new funding, Synack has raised $122.5 million to date. The company’s last round was $21 million in April 2017.
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