Financing provided by SVB's Enterprise
Software Group
SAN
FRANCISCO, Oct. 31, 2024 /PRNewswire/ -- Silicon
Valley Bank (SVB), a division of First Citizens Bank, today
announced it has provided a $50
million growth capital facility to Bugcrowd, a leading
provider of crowdsourced cybersecurity solutions. Bugcrowd brings
the collective ingenuity of organizations and hackers to
mitigate vulnerabilities across all applications, systems, and
infrastructure.
Provided by SVB's Enterprise Software Group, the new
financing will further scale Bugcrowd's AI-powered platform
globally, fund continued innovation into the Bugcrowd Platform, and
leverage opportunities for strategic M&A, providing added value
to clients, partners, and the hacker community.
"We're excited to have the continued support of Silicon Valley
Bank with this $50M growth capital to
accelerate innovation and scale our AI-powered platform," said
Dave Gerry, CEO of Bugcrowd. "Our
mission is to help organizations regain control of cyber risks by
harnessing the collective ingenuity of the hacker community to
outsmart adversaries. This capital provides the resources needed to
strengthen our position as the leader of the crowdsourced security
market."
For over a decade, Bugcrowd's unique "skills-as-a-service"
approach has uncovered more high-impact vulnerabilities than
traditional methods for more than 1,200 customers – including
OpenAI, Google, T-Mobile, Carvana, the US Department of
Defense's Chief Digital and Artificial Intelligence Office (CDAO),
ExpressVPN, Rapyd, New Relic, and OpenSea. With greater flexibility
and access to a decade of vulnerability intelligence, the Bugcrowd
Platform has evolved to address a changing attack surface
influenced by adoption of mobile infrastructure, hybrid work, APIs,
crypto, cloud workloads, and AI.
"With its innovative platform, Bugcrowd helps companies quickly
and cost effectively discover critical vulnerabilities and
proactively avoid being blindsided by cyberattacks," said
John Benetti, Managing Director with
SVB's Enterprise Software Group. "SVB is excited to continue our
long-standing relationship with Bugcrowd, expanding our initial
credit facility, and providing creative financial solutions to help
them grow and scale their business."
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is
the bank of some of the world's most innovative companies and
investors. SVB provides commercial banking to companies in the
technology, life science and healthcare, private equity and venture
capital industries. SVB operates in centers of innovation
throughout the United States,
serving the unique needs of its dynamic clients with deep sector
expertise, insights and connections. SVB's parent company, First
Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S.
financial institution with more than $200
billion in assets. First Citizens Bank, Member FDIC. Learn
more at svb.com
About Bugcrowd
We are Bugcrowd. Since 2012, we've been
empowering organizations to take back control and stay ahead of
threat actors by uniting the collective ingenuity and expertise of
our customers and trusted alliance of elite hackers, with our
patented data and AI-powered Security Knowledge Platform™. Our
network of hackers brings diverse expertise to uncover hidden
weaknesses, adapting swiftly to evolving threats, even against
zero-day exploits. With unmatched scalability and adaptability, our
data and AI-driven CrowdMatch™ technology in our platform finds the
perfect talent for your unique fight. We are creating a new era of
modern crowdsourced security that outpaces threat actors.
"Bugcrowd", "CrowdMatch", and "Security Knowledge Platform" are
trademarks of Bugcrowd Inc. and its subsidiaries. All other
trademarks, trade names, service marks, and logos referenced herein
belong to their respective companies.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bugcrowd-secures-50-million-growth-capital-facility-from-silicon-valley-bank-302292663.html
SOURCE Silicon Valley Bank