Just as Malcolm Turnbull releases Australia’s new cyber security plans, enterprise security firm Bugcrowd has announced it has closed a $US15 million ($19.2 million) Series B funding round.
The round was led by Blackbird Ventures and existing investors Rally Ventures, Costanoa Venture Capital and Paladin Capital Group all participated in the round. They were also joined by new investors, Industry Ventures and Salesforce Ventures.
After this latest round, Bugcrowd has now raised $30 million.
Bugcrowd was originally started in Sydney in 2012, but has since relocated to San Francisco where the company has blossomed.
Its main service is called Crowd Control, and works by using a community of hackers to identify digital security flaws for companies. Its list of clients is huge, with the likes of Tesla, Western Union and Pinterest all on board.
The service has 27,000 researchers who work with it, and is the largest of its kind in the world.
“Bugcrowd is giving its customers a radical cybersecurity advantage over their adversaries,” Bugcrowd CEO and founder Casey Ellis said.
“We started Bugcrowd with the mission of connecting the global security researcher community to the security market, and the past three years have been focused on building a safe, trusted, easy-to-use platform that can achieve massive scale.
“Hackers and companies desperately need each other but are historically terrible at getting along, and our success positions us ahead of the incredible opportunity to change that.”