Crowdsourced cybersecurity platform Bugcrowd announced Thursday that it raised $30 million in Series D financing led by Rally Ventures.
The San Francisco-based startup operates as a bug bounty and vulnerability disclosure platform. The traditional approach to cybersecurity typically involves a limited amount of researchers, time and skills. Bug bounty platforms, like Bugcrowd, provide an efficient way for clients to continuously evaluate and test their security assets, rather than issue one-off reports.
“The fight against cybercriminals is never-ending and attack surfaces are constantly expanding,” said Ashish Gupta, the company’s CEO, in a statement. “To combat this, the demand for a continuous vulnerability testing solution that applies human intelligence has increased. Bugcrowd is at the intersection of these demands.”
Gupta confirmed to Built In via email that the company plans to use the new funding to expand its reach in markets across the world, opening new offices in Australia, Costa Rica, London and Salt Lake City.
Demand for the startup’s services appears to be surging as companies around the world grapple with a new stay-at-home workforce in the face of COVID-19. According to Gupta, Bugcrowd has seen a 20 percent increase in vulnerability submissions for the month of March alone.
“The quick and dramatic spike in remote work has driven increased demand for crowdsourced security options, as companies’ security teams adapt and try to maximize their operational bandwidth,” Gupta said. “We’ve seen an increase of customers looking for our expertise to test environments, and provide security advice on how to better secure data.”
Bugcrowd was founded in 2012 and has raised over $80 million in funding to date, according to the company.
