Silicon Valley Bank provides USD $50M to Bugcrowd

Silicon Valley Bank (SVB) has announced the provision of a USD $50 million growth capital facility to Bugcrowd, a crowdsourced cybersecurity solutions provider based in San Francisco.

This financial support is offered through SVB's Enterprise Software Group and is intended to enhance Bugcrowd's AI-powered platform on a global scale. The funds will be used to pursue continued development initiatives within the Bugcrowd Platform, explore strategic mergers and acquisitions, and add value for the company's clients, partners, and the hacker community.

Dave Gerry, Chief Executive Officer of Bugcrowd, commented on the funding, stating, "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. 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."

Bugcrowd's approach, which they describe as "skills-as-a-service," has been operational for over a decade and has led to the identification of high-impact vulnerabilities for more than 1,200 customers. These customers include notable names such as OpenAI, Google, T-Mobile, Carvana, the US Department of Defense's Chief Digital and Artificial Intelligence Office, ExpressVPN, Rapyd, New Relic, and OpenSea. The Bugcrowd Platform has evolved to tackle challenges associated with mobile infrastructure, hybrid work, APIs, cryptocurrency, cloud workloads, and AI influences on the attack surface.

John Benetti, Managing Director with SVB's Technology Banking Group, spoke about the collaboration: "With its innovative platform, Bugcrowd helps companies quickly and cost effectively discover critical vulnerabilities and proactively avoid being blindsided by cyberattacks. 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."

This latest financial development follows Bugcrowd's ongoing commitment to enhance cybersecurity by tapping into a global network of skilled hackers, using a combination of patented data and AI-driven technology to bolster security measures against emerging threats. The company aims to create enhanced capabilities for detecting vulnerabilities efficiently to stay ahead of cybercriminals.