We’ve all been through a lot. The health crisis isn’t just testing our national resolve, it will leave a lasting impact on how we live, travel, communicate and work. I’m certain we’ll rebound. But businesses will need to evolve and adapt. Many of the ways we rapidly changed in order to keep the economy going will become permanent fixtures in our daily lives at home and the (virtual) office.
I feel incredibly fortunate to help lead a cybersecurity company that was built to endure these kinds of unforeseen challenges. I couldn’t be prouder of how Synack’s employees adapted quickly, demonstrated ingenuity and creativity since stay-at-home orders first took effect in March. The incredibly talented ethical hackers who are members of the Synack Red Team have worked tirelessly to defend organizations and industries working on the frontlines of the crisis. They’ve played a vital role in protecting the COVID-19 relief effort.
The crisis has once again proven that cybersecurity remains paramount. But it has also shown that cybersecurity needs to evolve to fully embrace remote testing and take advantage of a globally distributed network of the world’s best ethical hackers.
The old model that relied on on-site security consultants is no longer the only viable approach. Crowdsourced security testing is the only way to ensure fast and reliable testing at scale and to quickly bridge the cybersecurity talent gap. Synack built the platform to achieve those goals. We’re working hard to bring that approach to as many organizations as possible.
We’re better positioned than ever to fulfill that mission. We recently announced a $52 million Series D funding round that will help us advance our crowdsourced security testing platform so all types of organizations can utilize the skills of more than 1,500 active ethical hackers working from 82 countries.
The investment brings total funding in Synack to $112.5 million, making us the most well-funded crowdsourced security company on the market. When we launched in 2013, we set out to leverage the best cybersecurity talent in the world to upend the penetration testing market with a smarter, faster and a more efficient crowdsourced approach. We did it. Crowdsourced security testing is now an industry best practice and I’m so proud that our approach has become synonymous with uncompromising quality and integrity.
Now the company is poised to enter an exciting new phase. Our newest investors, B Capital Group and C5 Capital , will become invaluable partners and work with us to expand our offerings and reach. They’ll be resources to help with business operations, development and talent management as we look to build new products, improve existing ones, invest in our Synack Red Team ethical hacker community and foster new relationships in Europe, the Middle East and Asia.
Rashmi Gopinath, who led the investment for B Capital Group, is well acquainted with Synack. When she was managing director at Microsoft’s venture fund M12, she led their Series C investment in Synack. I’m humbled by her commitment to our future and I’m excited to continue working with one of the sharpest investors in the business.
I’m equally excited to be working with William Kilmer and his team at C5 Capital, a firm that’s passionate about investing in cybersecurity businesses that can confront a growing and persistent global problem. They have deep connections overseas, within government agencies and the intelligence community and see the power in Synack’s approach to helping solve the global cybersecurity workforce shortage.
These investors understand the complexities of the current business market and realize that we’re uniquely positioned to drive much-needed change in the industry.
Here’s why our approach matters so much right now:
Synack has come a long way since Mark and I founded the company, but we still have a lot more work ahead of us to continue innovating and evolving to help customers globally defend themselves against cyberattacks. Thankfully we have the support of smart and dedicated investors, an amazing group of employees and the world’s best ethical hackers working alongside us.
— Jay Kaplan, CEO
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