Intigriti, a bug bounty and vulnerability disclosure platform, has raised €21.1m in its Series B funding round, which it claims is the largest funding for a crowdsourced security platform in Europe to date.
Octopus Ventures served as the lead investor, with commitments also coming from EnBW New Ventures and ETF Partners.
With these funds, the company hopes to accelerate its detection, reporting and validation of vulnerabilities. Capital will also be used to hire more than 200 employees across its UK, Europe and Singapore offices.
Intigriti connects organisations with ethical hackers to continuously test and improve their security through bug bounty programs and other crowdsourced techniques.
The company is releasing its hybrid pentest offering, which will let companies work with select researchers in individual engagements within an agreed timeframe but following a result-based rate, like bug bounty programs.
Remy de Tonnac, partner at ETF partners said, “Intigriti’s commitment to a more sustainable and secure world is incredibly inspiring and we’re proud to support the business on the next phase of this tremendous journey. As the team has demonstrated over the years, ethical hackers are the future.
“This large and talented pool of cyber experts is perfectly positioned to address the needs of a sustainable economy by future-proofing critical sectors such as smart cities, IoT systems, smart grids, autonomous vehicles, and the sharing economy.”
The CyberTech company has experienced a 650% growth since its initial funding in 2020.
Last week, continuous penetration testing service Strike Security picked up $5.4m in funding from Greyhound Capital, FJ Labs, Magma Partners and more. The company connects people with cybersecurity professionals around the world who will continuously conduct penetration tests to monitor the security of systems.
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