Synack Raises Funds for Crowdsourced Penetration Testing Tech

Synack, a crowdsourced security platform provider, has secured $52M in a round of Series D financing co-led by B Capital Group and C5 Capital.

Redwood City, Calif.-based Synack said Thursday it will use the money to invest more in its community of skilled ethical hackers, build up analytics and research efforts and further develop its SmartScan security monitoring technology.

Hewlett Packard Enterprise, GGV Capital, GV, Icon Ventures, Intel Capital, Microsoft’s venture fund M12, Kleiner Perkins and Singtel Group’s venture arm Innov8 took part in the funding round, bringing Synack’s total funding to $112.1M.

Synack will also use the funds to broaden its international presence through its global partner network and invest in new products and other offerings that pair ethical talent with artificial intelligence and machine learning to detect software vulnerabilities.

“The only way to guarantee trust and control in cybersecurity used to be through on-site work. That’s simply no longer the case,” Synack CEO Jay Kaplan 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.”

Founded in 2013, Synack relies on a community of more than 1,500 security researchers and professionals from 82 countries and equips them with a security monitoring system that uses AI and machine learning to identify vulnerabilities.