Swedish Hacking Startup Secures Multi-Million Euro Boost

Swedish Hacking Startup Secures Multi-Million Euro Boost Featured Image
Ivana Vojinovic Image

November 26,2019

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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.
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