Detectify Raises Another 21M

Swedish based startup Detectify raises another 21M euro for its cyber security company that renders website vulnerability scanner service powered by the crowd, however, the funds raised are understood to be additional funds from that previously raised by the company.

According to the company (Detectify), it aims at using the funds newly raised to continue to hire what it calls “world-class” talents in a bid to further accelerate the company’s growth as it delivers while focusing on the company’s mission of curbing internet security vulnerabilities.

Meanwhile, the round was led by London-based VC firm Balderton Capital, coupled with the participation of existing investors Paua Ventures, Insight Partners and not excluding Inventure.

It was also figured out that the company was founded late 2013 by a self-described group of “Elite hackers” from Sweden, which offers a website security software or tool that is deployed automatically to scan websites for vulnerabilities in a bid to help customers secure their websites, also not excluding developers. A unique feature that makes their service exceptional, is that on one angle it’s maintained and kept up to date through the crowd, however, as Detectify “ethical hacker network”.

Responding to the development (Detectify raises another 21M euro), the CEO and co-founder ‘Rickard Carlsson’ made it clear that the company in its past twelve (12) months have made a lot of progress, not excluding the crowdsourcing part of its proposition so as to grow the number of already identified vulnerabilities. Adding that:

Modules from crowdsourcing hackers have now generated 110,000 plus vulnerabilities in our customer base. And the community is about 2.5 times as large now”.

The company raising 5 million Euros Series A round, prompted top-ranked security researchers to submit vulnerabilities that are then structured into the Startup’s scanner and deployed in customer’s security tests. However, the amazing part is that researchers get paid every time their submitted module figures out vulnerability on a customer’s website. These incentives give Detectify a huge advantage and enhanced scale compared with other website security automation tools.

In another dimension, it’s understood, the startup is doing great on the aspect of gender rationalization and diversity. Based on this, the company claimed 45% of the 83 employees are female. Adding that, there are about thirty (30) nationalities working with Detectify’s Stockholm and Boston offices.

Also, is the company’s expansion to the United States which sees leading Software Company like Spotify, King, and Trello as Detectify customers.

  • What’s your take as Detectify raises another 21M euro?