Bugcrowd, an AI-powered crowdsourced security solutions, has successfully raised $102 million in strategic growth financing.
This round is led by General Catalyst with contributions from Rally Ventures and Costanoa Ventures, aims to enhance Bugcrowd's global reach and innovation.
The funding will accelerate the company's expansion in EMEA (Europe, the Middle East and Africa), APAC (Asia Pacific), and the United States, support further development of the Bugcrowd Platform, and open doors for strategic mergers and acquisitions.
"This strategic investment allows us to push the boundaries of crowdsourced security, fostering a collaborative environment between our clients and the hacker community to address and mitigate real-world security threats effectively," stated Mark Crane, Partner at General Catalyst.
Dave Gerry, CEO of Bugcrowd, commented on the important of partnership with General Catalyst and the addition of new board members.
"Their expertise and insight will be invaluable as we enter the next phase of growth," Gerry said.
Over the past year, Bugcrowd has attracted more than 200 new clients to its platform, leveraging the collective knowledge and skills of the hacker community to enhance security measures.
Bugcrowd's approach combines the latest AI technologies with the power of crowdsourcing to proactively identify and address vulnerabilities.
This unique strategy has proven effective, with the platform uncovering nearly 23,000 high-impact vulnerabilities in 2023 alone, potentially saving billions in breach-related costs.
Jeff Simon, SVP & Chief Security Officer at T-Mobile, opined,
"Working with Bugcrowd has made it possible to turn potential adversaries into allies, enhancing our ability to safeguard critical information,"
As Bugcrowd continues to grow, adding clients such as OpenAI, T-Mobile, Rapyd, and ExpressVPN to its roster, the company's commitment to innovation and security excellence remains unwavering.
With a diverse customer base and a proven track record of success, Bugcrowd is poised to lead the charge in the evolution of crowdsourced security, making the internet a safer place for everyone.
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