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.