Detectify secures €21.5M to bring world-class cyber security to everyone

NOV 26, 2019

The Series B round was led by Balderton, with support from existing investors Paua Ventures, Inventure and Insight Partners.

The new funding will be used to continue to hire world-class talent to further accelerate the company’s growth and deliver on Detectify’s promise of a safer internet for all.

Detectify was founded by a group of elite Swedish ethical hackers who set out to give every company the same level of security as the world’s largest software companies and Government security services. Detectify does this through ‘Detectify Crowdsource’ an invite-only ethical hacker network. This network allows top-ranked security researchers to submit vulnerabilities which are then built into the Detectify automation platform, combining the best of human ingenuity with machine learning to provide security.

Watch the video to find out more about Detectify Crowdsource

The ethical hackers are paid every time their submitted module identifies a vulnerability on a customer’s web apps. As each reported vulnerability could help Detectify secure hundreds of web apps through automation, ethical hackers in the Crowdsource network have a much broader impact than in traditional, manual ‘bug bounty’ programmes, which only benefits a given player.

The community modules have already found 110,000+ vulnerabilities in Detectify’s customers’ assets in 18 months

In the last year, Detectify has expanded its client base in the US, counting cutting-edge software companies such as Trello, Spotify and KING as customers. This new capital will be used to expand both its product offering and talent behind the keyboards. Detectify is particularly focused on building the strongest possible team and diversity has been key from the start.

Almost half (45%) of the company’s employees are female, including 50% of the C-level, and there are close to 30 nationalities between their Stockholm and Boston offices.

We are delighted to add Balderton Capital to the group of supporters for our mission. The first conversation with them took place five years ago, so we are thrilled to be partnering with them. The Balderton team is a great match for us as they see an ethical core as a critical element of every great global company

Detectify CEO Rickard Carlsson

Detectify brings together the power of human ingenuity, the immense scalability of software, and a strong culture of transparency and integrity to provide world-class security to everyone. This is a fundamentally new approach to protecting businesses from new cyber security threats, and alongside our other cyber security investments, including Darktrace, Recorded Future & Tessian, we see Detectify as part of a new wave of solutions to make the web safer for everyone.

James Wise, Partner, Balderton

Detectify’s co-founders are still operating as ethical hackers and are driven by their vision for a safer internet: that more web apps can be secured at a large scale by collaborating with ethical hackers and automating their knowledge to power the platform.

Detectify’s co-founders are driven by their vision for a safer internet.

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