Detectify, a Sweden-based web security company, announced a financing round of €5 million led by New York based venture capital and private equity firm, Insight Venture Partners. Existing investors, Paua Ventures and Inventure, also participated in the funding round. The investment will accelerate Detectify’s international expansion and continued R&D.
In late 2013, Detectify was founded by a group of top-ranked white-hat hackers from Sweden. Since then, the company has grown to 20+ employees and landed customers in a wide range of industries and company sizes, like Trello, Le Monde, and KING.
Detectify uses automation to scan websites for vulnerabilities, leveraging the crowdsourced knowledge of white-hat hackers to help customers stay on top of security. Detectify Crowdsource, Detectify’s ethical hacker network, allows top-ranked security researchers to submit vulnerabilities that are then built into the Detectify scanner and used in customers’ security tests. The researcher gets paid every time their submitted module identifies a vulnerability on a customer’s website.
“We automate the knowledge of 100+ white-hat hackers to make sure we can spot new and advanced vulnerabilities. Our technology allows us to scale the knowledge of a small group of expert hackers to all developers in the world,” said Rickard Carlsson, Detectify’s CEO. “With the valuable experience Insight Venture Partners has gained by investing in hundreds of software companies, we will be able to grow faster and scale up our global presence.”
Insight Venture Partners agrees with Detectify that security is an industry that requires innovation and change from the ground up. “We really believe in the way Detectify is combining automation with crowdsourced security, allowing the researcher to secure millions of web applications by only reporting the vulnerability once. This is the future of web security as it is impossible for any team, regardless of size and knowledge level, to keep up with all the new vulnerabilities that emerge on a daily basis,” said Teddie Wardi, Principal at Insight Venture Partners.
About Detectify
Detectify is a key player in the web application security field, offering an automated vulnerability scanning service to help developers and security teams keep up with threats. The company’s network of white-hat hackers allows customers to access cutting-edge security research and scan their websites for the latest vulnerabilities.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. The company’s mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
