Silicon Valley Bank (SVB), a division of First Citizens Bank announced it has provided a $50 million growth capital facility to Bugcrowd, a provider of crowdsourced cybersecurity solutions. Bugcrowd brings the collective ingenuity of organisations and hackers to mitigate vulnerabilities across all applications, systems, and infrastructure.
Provided by SVB’s Enterprise Software Group, the new financing will further scale Bugcrowd’s AI-powered platform globally, fund continued innovation into the Bugcrowd Platform, and leverage opportunities for strategic M&A, providing added value to clients, partners, and the hacker community.
AI-powered platform expansion
“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, CEO of Bugcrowd.
"Our mission is to help organisations 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 pioneer of the crowdsourced security market.”
Skills-as-a-service approach
Bugcrowd Platform has evolved to address a changing attack surface influenced by the adoption of mobile infrastructure
For over a decade, Bugcrowd’s unique “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 US Department of Defence’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 the adoption of mobile infrastructure, hybrid work, APIs, crypto, cloud workloads, and AI.
Creative financial solutions
“With its innovative platform, Bugcrowd helps companies quickly and cost-effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks,” said John Benetti, Managing Director with SVB’s Technology Banking Group.
“SVB is excited to continue our long-standing relationship with Bugcrowd, expanding our initial credit facility, and providing creative financial solutions to help them grow and scale their business.”