Bugcrowd, a pioneer in crowdsourced cybersecurity solutions, has secured a significant $50m growth capital facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
This financial injection is earmarked to enhance Bugcrowd’s artificial intelligence-driven platform on a global scale.
The substantial investment will drive continued innovation within the Bugcrowd Platform and will also finance strategic mergers and acquisitions. This strategic funding aims to bolster the company’s offerings to clients, partners, and the vibrant hacker community.
Bugcrowd’s operations focus on bridging the gap between enterprises and the hacker community to identify and mitigate vulnerabilities across various applications, systems, and infrastructure. Their “skills-as-a-service” model, leveraging the collective ingenuity of hackers, has been instrumental in addressing high-impact security vulnerabilities more effectively than traditional methods.
The funds are poised to catalyse Bugcrowd’s mission to empower organizations to regain control of their cybersecurity risks.
Dave Gerry, CEO of Bugcrowd, expressed enthusiasm about the ongoing support from SVB: “We’re excited to have the continued support of Silicon Valley Bank with this $50M growth capital to accelerate innovation and scale our AI-powered platform.
“Our mission is to help organizations regain control of cyber risks by harnessing the collective ingenuity of the hacker community to outsmart adversaries. This capital provides the resources needed to strengthen our position as the leader of the crowdsourced security market.”
Bugcrowd has a decade-long track record of unveiling more high-impact vulnerabilities than conventional security approaches for a roster of prestigious clients, including industry giants like Google, T-Mobile, and the US Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO).
John Benetti, Managing Director with SVB’s Enterprise Software Group, commented on the partnership: “With its innovative platform, Bugcrowd helps companies quickly and cost effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks.
“SVB is excited to continue our long-standing relationship with Bugcrowd, expanding our initial credit facility, and providing creative financial solutions to help them grow and scale their business.”
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