Cybersecurity firm ProjectDiscovery secures $25m Series A funding


ProjectDiscovery, the open-source-driven cybersecurity specialist, has made headlines with the announcement of a significant $25m Series A financing.

The round witnessed contributions from leading names like CRV, Point72, SignalFire, Rain Capital, Mango Capital, Accel, Lightspeed, Guillermo Rauch, Caleb Sima, and Talha Tariq, among others. Adding to the momentous occasion, the company unveiled its brand-new ProjectDiscovery Cloud Platform, an enterprise-grade SaaS solution anchored on its acclaimed open-source tools.

This platform is tailored to empower businesses to pinpoint and rectify vulnerabilities on an expansive scale.

Diving into the essence of ProjectDiscovery, its inception was based on the collaborative efforts of four cybersecurity engineers. They identified a pronounced gap in the market for contemporary security instruments capable of automated asset identification and vulnerability scans. These tools were meant to detect evolving components that posed potential risks to an organisation’s ever-changing attack scope.

Partnering with an enthusiastic open-source community, they crafted a suite that included ProjectDiscovery’s flagship product, the Nuclei vulnerability scanner. This scanner is adept at identifying emerging vulnerabilities in various domains, such as web applications, APIs, cloud ecosystems, and third-party software.

Regarding the utilisation of the newly-acquired funds, Andy Cao, chief operating officer of ProjectDiscovery, stated that the capital would be instrumental in consolidating a top-tier team, launching a dominant enterprise product, and persistently backing their vast open-source user base. He attributed the company’s present triumphs to the unwavering dedication of its community and expressed confidence in their sustainable growth prospects.

Adding depth to the utility of the ProjectDiscovery Cloud Platform, it’s a culmination of the best open-source tools by ProjectDiscovery, packaged for the enterprise sector. The platform facilitates businesses in effectively managing assets, uncovering, and addressing vulnerabilities at large, and rectifying cloud security misalignments.

Reid Christian, general partner of CRV, lauded ProjectDiscovery’s pioneering approach, which fosters real-time global collaboration to quickly identify and neutralise security threats.

Previously, the firm gained notable traction, as evident from over 3,000 organisations and engineers registering for the beta version of the ProjectDiscovery Cloud Platform. Their rapid growth rate in the open-source domain of the cybersecurity sector is truly commendable.

Dr. Chenxi Wang, a foundational investor in ProjectDiscovery and managing general partner at Rain Capital, encapsulated the excitement around the company’s unique positioning in merging open-source innovation with enterprise requirements.

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