Insight Partners leads investment; Funding used to further enhance 99.7% accurate EASM vulnerability assessments
STOCKHOLM – September 29, 2022 – Detectify, the External Attack Surface Management platform powered by elite ethical hackers, today announced it has raised $10 million in follow-on funding led by global software investor Insight Partners.
The new funding will be used to enhance Detectify’s 99.7% accurate vulnerability assessments and accelerate adoption of its platform solutions – Surface Monitoring and Application Scanning, setting the standard for External Attack Surface Management (EASM).
“Funding for tech companies is facing a level of uncertainty not seen in more than a decade,” said Rickard Carlsson, CEO and co-founder, Detectify. “The investment from Insight Partners is a clear indicator of our hypergrowth trajectory and criticality of our platform functionality in allowing product security and AppSec teams to go hack themselves.”
At the start of 2022, Detectify announced a strategic product extension after six years of successful crowdsource-fueled DAST, into the emerging EASM market. The expanding external attack surface was named the top security and risk management trend for 2022 by Gartner, yet the current market penetration for EASM tools is less than 1%. Since the product launched, more than 90% of Detectify’s enterprise customers have signed on for the new tool.
Detectify provides complete coverage of the external attack surface, exposing the increasing number of Internet-facing assets in modern environments and their security status. Continuous payload-based attacks crowdsourced through Detectify’s global community of elite ethical hackers show product security and AppSec teams exactly how attackers will exploit the external attack surface, allowing them to identify and prioritize the remediation of critical weaknesses.
The new funding allows Detectify to accelerate go-to-market and platform innovation with the release of new capabilities including custom policies for Surface Monitoring customers. Every organization has their own security workflows and criteria on what is an acceptable risk in their unique business context. Security teams spend excess resources chasing CVE scores and patching exploits that present little to no legitimate risk. Detectify’s new custom policies use an “If-then” structure, allowing teams to customize rules based on individual workflows and internal policies, and focus on remediation that matters.
“We recognize Detectify as a leader in EASM, with its impressive year-over-year growth and continuous innovation,” said Teddie Wardi, managing director, Insight Partners. “We look forward to playing a role in Detectify’s long-term growth and success as it fulfills its promise as one of cybersecurity’s next great companies.”
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2022, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Detectify
Detectify sets the standard for External Attack Surface Management (EASM), providing 99.7% accurate vulnerability assessments. Product security and AppSec teams trust Detectify to expose exactly how attackers will exploit their Internet-facing applications. The Detectify platform automates continuous real-world, payload-based attacks crowdsourced through its global community of elite ethical hackers, exposing critical weaknesses before it’s too late. Go hack yourself: www.detectify.com.
Media Contact
Jake Schuster
fama PR for Detectify
E: detectify@famapr.com