New Funding Used to Drive Product Innovation to Help AppSec Teams Understand and Secure Their Attack Surface
Detectify, an Attack Surface Management platform for AppSec teams powered by elite ethical hackers, today announced that global software investor Insight Partners has acquired a majority stake in the company. The transaction, finalized in October 2024, secured funding to accelerate product innovation and drive profitable growth.
With this transaction, Insight Partners reinforces its longstanding support for Detectify's vision, building upon its participation in previous funding rounds, including Series A, Series B, and follow-on funding. Venture Capital firm Balderton, which led Series B funding, remains a minority stakeholder.
The new funding will further accelerate product innovation, with a focus on delivering a new approach to application security testing for growing attack surfaces. AppSec teams face a pressing challenge as their attack surface rapidly expands and changes. Little innovation has been made in how traditional Dynamic Application Security Testing (DAST) tools approach this challenge effectively. Existing solutions lead to wasted resources, inefficient scanning, and critical vulnerabilities going unnoticed.
"This level of support from Insight Partners, a leading cybersecurity investor, is a testament to our growth and vision", said Rickard Carlsson, CEO, Detectify. "We are well-positioned to help AppSec teams get visibility into their exposures and run high-fidelity security testing at scale."
"We're thrilled to deepen our commitment to Detectify as they embark on their next phase of growth, further strengthening our partnership," said Teddie Wardi, Managing Director at Insight Partners. "Detectify's innovative approach to Attack Surface Management continues to deliver value to security teams. We're excited to support Rickard and the team as they continue to scale."
Security teams use Detectify to mirror the strategic approach of attackers by efficiently understanding what is exposed and dynamically adapting their AppSec coverage based on evolving circumstances. Assessments are crowdsourced through Detectify's global community of elite ethical hackers and launched broadly and deeply.
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, 2024, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 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 the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
About Detectify
Detectify sets the standard for advanced application security testing, using a combination of light and deep scanning to provide comprehensive attack surface coverage. Application security teams trust Detectify to expose 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028826098/en/
Contacts:
Jorge Vicente
PR Communications at Detectify
E: press@detectify.com
P: +46 76-114 63 50
