Swedish hacking startup secures multi-million euro boost

Detectify logo - Featured image

Ethical hacking startup Detectify has secured €21.5 million in Series B funding.

The Swedish company is using a crowdsourcing model to bring cybersecurity solutions to companies from around the world.

Detectify’s mission statement is a “safer internet for all,” and the platform has experienced rapid growth. The Stockholm-based company recently opened an office in Boston.

Detectify says it will use the funds to attract in-demand experts to join its invite-only white-hat hacker hub.

Detectify rewards team members with a bounty for documenting and patching system vulnerabilities:

  • A researcher finds and submits a vulnerability in a widely used system.
  • The vulnerability is confirmed by other experts.
  • The vulnerability is then built into the Detectify scanner.
  • The scanner checks customers’ apps.
  • The researcher earns a commission for each instance of the vulnerability found on the customers’ platforms.