Detectify collects €5m to expand web security platform internationally

Detectify, a Sweden-based web security company, has closed a €5m round of financing to accelerate its international expansion.

The round was led by New York Insight Venture Partners, with existing investors, Paua Ventures and Inventure, also participating in the funding.

Detectify is an online security scanner that automatically tests web application for more than 700 vulnerabilities. It leverages crowdsourced knowledge from Detectify Crowdsource, the company’s network of ethical hackers. It allows top-ranked security researchers to submit vulnerabilities that are then built into the Detectify scanner and used in customers’ security tests. The researcher gets paid every time their submitted module identifies a vulnerability on a customer’s website.

The company was founded in 2013 by a group of top ranked white-hat hackers who had discovered severe vulnerabilities in Google, Facebook and PayPal. Detectify’s founders met at school and shared a mutual curiosity of trying to understand how the internet was built.

“We really believe in the way Detectify is combining automation with crowdsourced security, allowing the researcher to secure millions of web applications by only reporting the vulnerability once. This is the future of web security as it is impossible for any team, regardless of size and knowledge level, to keep up with all the new vulnerabilities that emerge on a daily basis,” said Teddie Wardi, Principal at Insight Venture Partners.

Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Its previous investment include Fenergo, a enterprise Client Lifecycle Management platform solution designed to help financial institutions to manage the end-to-end regulatory onboarding process. In 2015, the Dublin-based company closed a $75m investment from Aquiline Capital Partners and Insight Venture Partners.

Its portfolio also includes Digital Harbor, which develops PiiE, a platform for intelligent composite applications. The company’s customers include defense, intelligence and financial services sector enterprises and partners, which use PiiE to get more value from existing systems by combing in them in dynamic, contextual solutions for compliance, customer services, logistics and risk management.

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