Bugcrowd's solutions, such as penetration testing-as-a-service (PTaaS) and bug bounty programs, allow customers to continuously test their applications, networks, and systems using a crowdsourced model. The company's proprietary CrowdMatch technology uses AI to match the right researchers to each customer based on their unique requirements. The company plans to disrupt the penetration testing and vulnerability management markets, which have been dominated by legacy consulting firms like Cloudflare and Crowdstrike.
Key takeaways:
- Bugcrowd, a leader in crowdsourced cybersecurity solutions, has raised $102 million in new funding, led by General Catalyst, valuing the company at over $1 billion.
- The new funding will be used to accelerate global expansion, continue innovating its AI-powered platform, and pursue strategic acquisitions.
- Bugcrowd's solutions like penetration testing-as-a-service (PTaaS) and bug bounty programs enable customers to continuously test their applications, networks, and systems using a crowdsourced model.
- General Catalyst, Rally Ventures and Costanoa Ventures participated in the new funding round, which will be used to enhance platform capabilities and accelerate global growth.