Antwerp-based cybersecurity platform Intigriti has raised €21 million in funding to further accelerate its rapid detection, reporting and validation of vulnerabilities. The Series B round was led by Octopus Ventures and saw the participation of Germany-based fund EnBW New Ventures, and previous investor and Intigriti’s largest shareholder, ETF Partners. The company received its initial funding in 2020.
The company will use the new funds to grow its headcount to more than 200 employees worldwide, spread across the company’s offices in the U.K., Europe, and Singapore.
Founded in 2016, the bug bounty and vulnerability disclosure platform connects organisations with ethical hackers to continuously test and improve their security through bug bounty programs and other crowdsourced techniques. The startup claims that on average, companies receive 53 reports within one week of launching on the platform and 71% receive a high to critical report within 48 hours.
Stijn Jans, CEO, Intigriti said: “We anticipate crowdsourced security to be a default career option for talented cybersecurity graduates by 2026, surpassing consultancy in popularity. While the remote working culture introduced new security risks, it also provided companies with the opportunity to work with international talent that was previously out of reach.”
To support the transition from traditional consultancy to the new way of working, the startup is releasing its ‘hybrid pentest’ offering to enable companies to work with selected researchers in individual engagements within an agreed timeframe but following a result-based rate. In a successful pilot phase leading to the release, more than €100,000 was earned by penetration testers trying out the service.
Inti De Ceukelaire, head of hackers, Intigriti added: “Our researcher’s automation flows have allowed Intigriti customers to detect vulnerabilities before any commercial scanner could. With this investment, we will continue to optimise the process to keep validation time at a minimum while upholding our 95% accuracy standard.”
Paul Davidson, investor, Octopus Ventures concluded: “Cybersecurity companies can create a certain level of automation, but human intelligence still ranks ahead when it comes to identifying security threats. Intigriti has developed a differentiated platform proposition that enables the brightest minds in security to detect the broadest and most critical set of risks. We believe this team can drive this fast-growing category forward with their modern and data-compliant approach.”