Synack's $52 Million Investment Fuels Future of Remote Security Testing from World's Elite Hackers
Synack, Inc. (“Synack”) today announced that it raised $52 million in Series D funding to transform security testing through its crowdsourced platform powered by the world’s most skilled ethical hackers who work with proprietary Synack technology to accelerate the hunt for critical software vulnerabilities.
New investors B Capital Group and C5 Capital co-led the round, bringing total funding to $112.1 million. Previous investors GGV Capital, GV (formerly Google Ventures), Hewlett Packard Enterprise (“HPE”), Icon Ventures, Intel Capital, Kleiner Perkins, Microsoft’s venture fund M12 and Singtel Innov8 (the corporate venture arm of the Singtel Group) also participated in the round.
In 2013, Synack set out to leverage the best cybersecurity talent so organizations could swiftly discover critical vulnerabilities that left them dangerously at risk. Today, more than 1,500 of the world’s most skilled ethical hackers from 82 countries are active members of the Synack Red Team (“SRT”). Synack augments their talents with continuous security monitoring technology that utilizes machine learning and AI to quickly and more efficiently root out vulnerabilities.
Global 2000 companies — the world’s leading banks, retailers and healthcare companies representing over $1 trillion in assets — as well as major federal government agencies such as the Department of Defense (and the “Hack the Pentagon” program) and cutting-edge defense and aerospace companies such as General Dynamics Information Technology (“GDIT”) already trust some of their most critical assets to Synack.
"GDIT upholds a continuous cyber commitment to our customers," said GDIT Chief Information Security Officer Michael Baker. "It's a core part of our mission to ensure the cyber protection for today while anticipating the threats of tomorrow. During today's remote working environment, crowdsourced security has enabled us to continuously operate in a distributed model with confidence."
This $52 million funding round will allow Synack to invest even more in the SRT community, further advance its SmartScan® technology that continuously monitors for vulnerabilities and enhance data analytics and research to demonstrate the value of Synack’s hacker-driven approach.
Additionally, Synack will use the money to:
- Expand internationally. Organizations throughout the U.S., Europe and in parts of the Middle East and Asia have already adopted Synack’s platform. Now, Synack will expand its international reach by forging new relationships with businesses and agencies in critical need of advanced, continuous vulnerability testing. Much of this will be done through Synack’s expanding global partner network. Synack will also extend its offering beyond the Global 2000 to accommodate medium sized and smaller enterprises.
- Continue innovating. Synack will invest in its core products that combine hacker talent with AI and machine learning to find and fix exploitable vulnerabilities at scale.
- Improve security for everyone. The investment will give Synack greater flexibility to invest in new products and offerings that can expand its crowdsourced cybersecurity model at a critical time when all organizations are relying on an increasingly remote workforce.
“For years, remote work has become more and more desirable. Now, it’s essential. Companies of all sizes are leaning on the platforms and services that enable a more nimble, dispersed workforce,” said Synack CEO Jay Kaplan.
“The only way to guarantee trust and control in cybersecurity used to be through on-site work. That’s simply no longer the case. Synack can maintain trust and visibility all while giving customers access to an army of the most talented ethical hackers to defend against today’s relentless cyberattacks. Over the past seven years, we’ve proven this model has kept critical organizations safe.”
Premier investors B Capital Group and C5 Capital will partner with Synack to add value through its next stages of growth. As a global investor specializing in growth-stage firms, B Capital Group provides hands-on support in areas such as business development, operations, talent management and capital formation through a dedicated in-house team and a strategic partnership with The Boston Consulting Group.
“Synack offers a market-leading and unique augmented intelligence cybersecurity platform to secure mission-critical applications for some of the world’s largest banks, retailers, technology vendors, and federal agencies,” said Rashmi Gopinath, General Partner at B Capital Group. “The remote, crowdsourced model is incredibly vital for organizations to fast track security testing especially in the current environment. Synack’s approach will become the default way for all organizations — regardless of their size — to test vulnerable digital assets. I am really excited to back the Synack team for a second time through B Capital.”
C5 Capital is a leading investor specializing in technologies that can establish a more secure digital future. They recognized the critical role Synack plays in solving the cybersecurity talent gap, which has become glaringly apparent during the current health crisis. Throughout this period, the SRT was a collective force for good, working to secure Covid-19 related apps from key government agencies. In March, when the initial stay-at-home orders took effect in the U.S., the SRT spent 70 percent more time hunting for vulnerabilities and found 250 percent more flaws than the same period last year.
“This is a model that can resolve the widening cybersecurity skills gap,” said William Kilmer, managing partner of C5 Capital, “The combination of crowdsourced penetration testing with hackers from more than 80 different countries and insights from artificial intelligence enables sustainable security at scale, giving organizations the ability to take advantage of the world’s best ethical hackers to protect critical information and customer data. We believe this powerful combination has the potential to solve many current and future cybersecurity issues.”
For more information about how Synack helps organizations defend themselves against cyberattacks, how the crowdsourced cybersecurity model works or what it's like for the ethical hackers working on the platform, please visit www.synack.com.
Synack is the most trusted crowdsourced security platform on the market continuously protecting organizations with unparalleled ethical hacker talent and proprietary scanning technology. More than 1,500 of the world’s best security researchers from 82 countries are part of the Synack Red Team community that hunts for critical vulnerabilities. Their smarts combined with Synack’s powerful software safeguards leading global banks, federal agencies, DoD sensitive assets, and close to $1 trillion in Global 2000 revenue. A 4-time CNBC Disruptor 50 company, Synack was founded in 2013 by former NSA security experts Jay Kaplan, CEO, and Dr. Mark Kuhr, CTO. The company is located in Silicon Valley with regional offices around the world.
About B Capital Group
B Capital Group is a global firm specializing in equity investing in venture and growth-stage companies that have achieved traction with customers. Through our extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps high growth startups navigate business challenges, raise capital and attract talented leadership at key points of their journeys to scale. With offices in San Francisco, New York, Los Angeles and Singapore, B Capital believes innovation can come from anywhere. Our unique multinational presence and deep industry knowledge have enabled us to build a portfolio of startups in Enterprise application software, Infrastructure, Security and AI/ML, Fintech and Insurtech and HealthcareTech and Bio IT that are transforming large traditional industries across borders and geographies. Portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, CXA, Evidation Health, Icertis, INTURN, Plastiq, Ninja Van, Notable Labs and SilverCloud Health. For more information, visit http://www.bcapgroup.com/.
About C5 Capital
C5 Capital Limited (C5) is a global specialist investment firm that exclusively invests in the secure data ecosystem, including cyber security, cloud, AI and space. The firm is dedicated to nurturing a secure digital future with an investment strategy that is based on building long-term relationships with innovative companies that share in our mission. For more information, visit: www.c5capital.com.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Toshiba Information Systems (Japan) Integrates Verimatrix’s Whitebox Cryptographic Key Technology Into Customer’s Main Control Function to Safeguard Consumer Printers21.9.2020 17:45:00 CEST | Press release
Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that its value-added reseller, Japan-based Toshiba Information Systems (Japan) Corporation, has implemented Verimatrix Whitebox cryptographic key protection technology inside consumer printers produced by one of the country’s premier manufacturers. Whitebox is part of the Verimatrix Application Shielding family of solutions. "Exposed cryptographic keys are a significant vulnerability in IoT code for connected devices," said Asaf Ashkenazi, Chief Operating Officer at Verimatrix. "Our Whitebox tool allows Toshiba Information Systems (Japan) to dissolve keys into the code itself and obscures algorithms to keep its customer’s critical intellectual property, applications, devices and data safe. The deployment of our Whitebox technology into the devices of a leading electronics manufacturer illustrates our ability to easily empower p
RELX Outlines at the GTNF Role of Technology in Advancing Vaping Industry’s Responsible Practices21.9.2020 14:29:00 CEST | Press release
The company’s Global External Affairs Lead provided concrete examples of how RELX has been harnessing the power of technology, innovation and research in its quest to forge ahead robust youth prevention mechanisms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200921005456/en/ Jonathan Ng speaking at the GTNF Innovations on the Horizon panel. (Photo: Business Wire) At the virtual Global Tobacco & Nicotine Forum (GTNF) event yesterday, RELX Technology’s Global Head of External Affairs Jonathan Ng spoke on a panel entitled “Innovations on the Horizon.” The panel explored several topics related to the growing international acceptance of e-cigarettes as better alternatives to cigarettes, innovations related to user experience and youth prevention, and illicit trade. GTNF is one of the leading tobacco and nicotine forums in the world; speakers and attendees include public health experts, government representatives, investors and
CHMP Grants Positive Opinion for Expanded Use of Otsuka’s Deltyba ® (delamanid) in Children and Adolescents Weighing at Least 30kg Treated for Pulmonary Multi-drug Resistant Tuberculosis21.9.2020 13:12:00 CEST | Press release
Otsuka Novel Products GmbH (ONPG), a subsidiary of Otsuka Pharmaceutical Co., Ltd., is pleased to announce that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommends approval of extension of the indication for Deltyba® (delamanid) for children. This means Deltyba® (delamanid) is recommended by the CHMP for use as part of an appropriate combination regimen for pulmonary MDR-TB in adults, adolescents and children with a body weight of at least 30kg when an effective treatment regimen cannot otherwise be composed for reasons of resistance or tolerability. According to the current World Health Organization Global TB Report, an estimated 1.1 million children (0-14 years of age) fell ill with TB in 2018.2 Each year, approximately 25,000-32,000 children fall ill with MDR-TB. Of these, only 3-4% are diagnosed and treated and consequently, approximately 21% of children with MDR-TB are likely to die.1 New global targets set at the UNs High Le
Visa Helps Prepare Small Businesses for the Holiday Buying Season as National Small Business Week Begins21.9.2020 13:00:00 CEST | Press release
As the Small Business Administration’s (SBA) National Small Business Week begins in the U.S. and businesses worldwide prepare for an unprecedented holiday season, Visa (NYSE: V) is introducing new programs and resources essential to small and micro business (SMB) recovery efforts. The Visa Back to Business Study, Holiday Edition, launched today, finds that consumers will carry their resolve for normalcy into the holiday shopping season, with 88% planning to buy and give gifts despite challenges the pandemic has created. To prepare for this unprecedented holiday season, SMBs should be looking for ways to offset the impact of COVID-19 during the holidays, with 60% already saying they are taking steps to prepare. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200921005150/en/ Visa’s Back to Business kits include new “tap to pay preferred” point-of-sale materials, branding, educational resources and special offers. (Photo: Busin
"If Agroaceite Grows, Our Communities Grow, Too"21.9.2020 13:00:00 CEST | Press release
This is one of our principles at Agroaceite, as pointed out by José Javier Aguirre, Corporate Director of the tropical oil company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200921005269/en/ Agroaceite's Human Development Center facilities. "Some time ago I had the opportunity to visit Agroaceite ́s medical center, which is managed in collaboration with the University of Colorado. I was pleasantly impressed by the high quality service offered to the surrounding community. This is a good example of the kind of impact that RSPO certification aims to achieve: to improve people’s quality of life within the company ́s area of influence." FRANCISCO NARANJO, RSPO Representative for Latin America. (Photo: Business Wire) "Since Agroaceite was founded, the vision of social responsibility has been clear. Our main asset is our employees, and our best allies are the communities. As Agroaceite succeeds, communities must develop to th
Sagemcom AMI Solution, a Key Driver in the Swedish Energy Transition to a Sustainable Future21.9.2020 10:30:00 CEST | Press release
In September, ELLEVIO will continue to improve the Swedish electricity system by being one the first Nordic DSO to start its 2nd generation smart meters large scale rollout. This massive rollout is the result of joint achievements between ELLEVIO, Sagemcom and its local Partner, ONE Nordic. Since the award in March 2019, Sagemcom has developed and delivered a new generation of S211 single phase meters and T211 polyphase meters which allow ELLEVIO to take up the new energy landscape and customer care. The advanced deep indoor dual cellular technology LTE NB IoT + LTE Cat-M is used to secure the reliability of the solution. In less than 8 months and within a specific context, Sagemcom has developed and certified the new generation of smart meters which are installed in the field by ONE Nordic since June 2020 in Stockholm area. The new key features have already been deployed offering a combination of end-user experience - through a customer local interface (P1 Port) - and Low-Voltage netw
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom