Security startup Synack has scored $21m in its Series C funding from Microsoft Ventures, HP, and Singtel Innov8. The business offers “the first hacker-powered intelligence platform,” combining software security with white-hat hackers.
The investment today brings the funding total to $55m. Synack previously gained support from GGV Capital, GV (previously Google Ventures), and Kleiner Perkins Caufield & Byers. It's an impressive total from some of the world's biggest tech firms.
According to CEO Jay Kaplan, much of Synack's success comes from its offensive approach.
“The best defense is a good offense. Businesses can only stay one step ahead of the adversary by beating them at their own game,” he said. “Bringing Microsoft Ventures, HPE and Singtel Innov8 on board highlights their ongoing investment in security for their products and customers. We have a shared vision for the future of cybersecurity and see a huge opportunity for alignment in platform development and scaling channels to market.”
One of achieving that is Synack's main product, Hydra. The solution scans organization's networks and alerts them of vulnerabilities. Synack's researchers then investigate the issues further, creating a good blend of human and machine resources. Its customers range from The Pentagon and the DoD to Fortune 500 companies.
However, it's extremely important that those researchers have companies best interests at heart. Talking to VentureBeat, Kaplan explained:
“We have an extremely rigorous vetting approach, using interviews, background checks, skills assessments, and more,” he said. “We have a passport for every researcher in our network on file, a far cry from the open, public bug bounty programs where all you need is an email address to sign up. We pay our researchers well and we do it within 24 hours of a vulnerability being verified.”
With its new funding and partnerships, Synack plans to drive growth in Europe and the Asia-Pacific region. It will be achieved with help from Microsoft Ventures, who will have a seat on the board, as well as Proofpoint CEO Gary Steele.
You can read Synack's press release on its website.