Sweden-based Detectify secures 10.2 million euros for its External Attack Surface Management platform
Stockholm-based Discovera company that offers a SaaS-based web application security analysis tool, announced on Thursday (September 29th) that it has raised $10 million (approximately €10.2 million) in a follow-on funding round led by Insight Partners.
Teddie Wardi, CEO at Insight Partners, says: “We recognize Detectify as a leader in External Attack Surface Management (EASM), with its impressive year-over-year growth and continuous innovation. 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 big companies.”
Insight Partners is a multinational software investor that partners with “high-growth” technology, software and Internet start-ups and scale-ups that are driving transformative change in their respective sectors. The firm has over $80 billion in regulated assets under management and has funded more than 700 companies, of which more than 55 portfolio companies have gone public.
Automated solution for external attack surface
Founded in 2013 by Fredrik Nordberg Almroth and Rickard Carlsson, Detectify offers complete coverage of the external attack surface, exposing the increasing number of Internet-connected assets in modern environments and their security status.
The platform automates continuous real-world, payload-based attacks crowdsourced through its ethical hacking community, demonstrating to security teams exactly how attackers would use the external attack surface. This can help teams recognize and prioritize remediation of critical weaknesses before it’s too late.
In early 2022, Detectify announced a strategic product extension after six years of crowdsourced DAST, into the emerging EASM market. The outer attack surface was named top security and risk management trends for 2022 by Gartner, but the current market penetration of EASM tools is less than 1 percent. Since the product was launched, more than 90 percent of Detectify’s enterprise customers have signed up for the new tool.
Capital utilization
To raise the bar for External Attack Surface Management, Detectify claims it will use the funds to improve its 99.7 percent accurate vulnerability assessments and accelerate adoption of its Surface Monitoring and Application Scanning platform.
Co-founder Rickard Carlsson says, “Funding for technology companies is facing a level of uncertainty not seen in more than a decade. The investment from Insight Partners is a clear indicator of our hyper-growth trajectory and the criticality of our platform functionality by allowing product security and AppSec teams to hack themselves.”
Detectify’s new features include custom policies for Surface Monitoring customers. Each company has its own security procedures and standards for what constitutes an acceptable risk in its particular business environment. Security teams waste too much time looking for CVE points and fixing vulnerabilities that pose little or no real danger.
With Detectify’s new custom policies, teams can tailor rules based on specific processes and internal regulations and focus on remediation that matters. These custom policies use an “If-Then” structure.
See our interview with Paul Down, Head of Sales at Intigriti.