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Bugcrow — the startup that taps into a database of half a million hackers to help organizations like OpenAIThe following are some examples of how to get started: The U.S. government set up and run bug bounty programs, cash rewards to freelancers who can identify bugs and vulnerabilities in their code — has picked up a big cash award of its own to grow its business further: an equity round of $102 million.
General Catalyst, along with Rally Ventures & Costanoa Ventures, is leading the investment.
Bugcrowd raised more than $180 million and, while the valuation is not disclosed, CEO Dave Gerry stated in an interview that it is “significantly up”The last round of the 2020 cycle will be held in 2020. $30 Million Series D. As a point of comparison, one of the startup’s bigger competitors, HackerOne, was last valued at 829 millions in 2022PitchBook data shows that.
The plan will be to use the funding to expand operations in the U.S. and beyond, including potentially M&A, and to build more functionality into its platform, which — in addition to bug bounty programs — also offers services including penetration testing and attack surface management, as well as training to hackers to increase their skiilsets.
Functionality is a combination of both technical and human nature.
Gerry jokingly describes Bugcrowd’s premise as “a dating service for people who break computers”It is a security marketplace with a double-sided approach: Bugcrowd crowdsources programmers, who demonstrate their skills to apply to join the platform. Coders could be hackers that only work on freelance projects or people who are employed elsewhere but pick up extra freelance jobs in their spare-time. Bugcrowd matches these coders, based on their specific skills, to bounty programs being developed by clients. Clients can range from other tech companies to any enterprise that relies on technology to function.
Bugcrowd’s efforts have been a response to a few important trends in technology.
The need to operate is driving organizations to develop more technology. This means more apps and automations, as well as more integrations. More data is also being moved from cloud servers to on-premises ones, from internal users to external customers, etc. All of that means more opportunities for mistakes, or bugs, in the code — places where an integration may create a security vulnerability, for example; or simply result in a piece of coding no longer working as it should — and a greater need for comprehensive work to identify those gaps.
In recent years, there have been a proliferation of new security tools powered by AI that aim to identify these gaps and remediate them in a comprehensive and automated manner. Human hackers are still needed. These hackers may work manually or use automation tools to aid them in their bug hunting efforts, but they will still play a crucial role in the direction of this tech. As computer science continues to see a rise in popularity as a discipline, that’s produced a wider number of smart and technical people in the world who like to rise to that challenge, if not for the intellectual pursuit for the financial one. The most successful bounty hunters can earn Millions of dollars.
Gerry said that the startup’s been growing at over 40% annually and is approaching $100 million in annual revenues.
It is now based primarily in San Francisco. The company was founded originally in Australia by Casey Ellis and Chris Raethke, along with Sergei Belokamen. (Ellis remains as the chief strategy officer.) It now has “well over”Gerry said that the company has 500,000 hackers and adds around 50,000 hackers per year to this number. It now has 1,000 customers, after adding 200 customers in the last 12 months.
“Costanoa has watched Bugcrowd grow from an innovative concept for early adopters to being a force multiplier for Fortune 500 companies today,”Jim Wilson, Partner of Costanoa Ventures said in a press release. “Bugcrowd’s leadership team brings together seasoned experts with a deep understanding of cybersecurity trends and a proven ability to navigate the complexities of the industry. This next stage of growth under Dave’s leadership will allow them to expand their product offerings to help security executives get even more value from the crowd. We are excited to continue our partnership with the team to capture the significant opportunities ahead.”
Original content by Techcrunch.com: “Bugcrowd Snaps Up $102M For A ‘Bug Bounty’ Security Platform That Taps 500K+ Hackers”
Read the complete article at https://techcrunch.com/2024/02/12/bugcrowd-snaps-up-102m-for-a-bug-bounty-security-platform-that-taps-500k-hackers/