Silicon Valley Bank, a division of First Citizens Bank, provided a $50 million growth capital facility to cybersecurity company Bugcrowd. Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across applications, systems and infrastructure.
The new financing is expected to further globally scale Bugcrowd’s AI-powered platform, fund continued innovation into the Bugcrowd Platform and leverage future opportunity for strategic M&A, providing added value to clients, partners and the hacker community.
“We’re excited to have the continued support of Silicon Valley Bank with this $50M growth capital to accelerate innovation and scale our AI-powered platform,” said Dave Gerry, the CEO of Bugcrowd. “Our mission is to help organizations regain control of cyber risks by harnessing the collective ingenuity of the hacker community to outsmart adversaries. This capital provides the resources needed to strengthen our position as the leader of the crowdsourced security market.”
For over a decade, Bugcrowd’s “skills-as-a-service” approach has uncovered more high-impact vulnerabilities than traditional methods for more than 1,200 customers, including OpenAI, Google, T-Mobile, Carvana, the U.S. Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO), ExpressVPN, Rapyd, New Relic and OpenSea. With greater flexibility and access to a decade of vulnerability intelligence, the Bugcrowd Platform has evolved to address a changing attack surface influenced by adoption of mobile infrastructure, hybrid work, APIs, crypto, cloud workloads and AI.
