Funding for bug bounty vendor

February 9th, 2017 by admin Leave a reply »

As per the recent news, one can make money in the rewarding business of security researchers for finding security vulnerabilities. HackerOne published that they have raised a $40M Series C round of funding. Total funding received till date for the San Francisco based company is $74 Million.

Dragoneer Investment Group led new round of funding. It will be used to help HackerOne grow its business.

“HackerOne is at the forefront of the burgeoning bug bounty movement,” Marc Stad, Founder and Managing Partner of Dragoneer Investment Group, said in a statement. “It is borderline silly for a company not to utilize a bug bounty platform given the immediate reduction in security vulnerabilities and the relatively low price point compared to other security options.”

Rice, co-founder and CTO of HackerOne in the video interview mentioned the statistics of business growth. Also, discussed the bugs found by HackerOne’s community of researchers.

Hacking the pentagon program was one of the major successes of HackerOne. The results were positive. It has 1,400 security researchers participating in the program. It also discovered 138 serious vulnerabilities which were fixed quickly. Also, the U.S. Department of Defense also got involved in the program.

HackerOne faces competition from bug bounty vendor Bugcrowd. The rival has raised $24 million in funding to date which includes $15 million Series B round.

“When I started the company in 2013, I spent most of my time explaining what a bug bounty was to people,”Bugcrowd founder and CEO Casey Ellis said. “I don’t have to do that anymore.”

“How we do things today is we prove a concept manually first, apply human intelligence to the problem set and then take the repeatable learnings and codify that,” Ellis said.

The market of buy bounty is competitive but there is demand. Rice also mentioned that more bugs have been found by third party bug bounty companies as compared to vendors.

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