Crowdsourced cyber threat scanner Detectify raises €5 million

Swedish cybersecurity startup Detectify has raised €5 million led by Insight Venture Partners with participation from Inventure and Paua Ventures.

Detectify’s solutions detect vulnerabilities and threats in websites based on crowdsourced data from white hat hackers. Security researchers are able to pool their knowledge for Detectify’s customers, which include King and Trello. The researchers are remunerated for their efforts.

“We automate the knowledge of 100+ white-hat hackers to make sure we can spot new and advanced vulnerabilities,” explained CEO Richard Carlsson. “Our technology allows us to scale the knowledge of a small group of expert hackers to all developers in the world.”

The new funds will be invested in international expansion and further research and development.

Crowdsourcing and automation is the future of web security, added Teddie Wardi, principal at Insight Venture Partners: “We really believe in the way Detectify is combining automation with crowdsourced security, allowing the researcher to secure millions of web applications by only reporting the vulnerability once.”

The startup was founded in 2013 and previously raised around €2 million in funding.

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