Stockholm-based Detectify, a company that offers a SaaS-based tool for security analysis of web applications, announced on Thursday, September 29, that it has raised $10M (approximately €10.2M) in a follow-on round of funding led by Insight Partners.
Teddie Wardi, MD at Insight Partners, says, “We recognise 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 great companies.”
Insight Partners is a multinational software investor that partners with “high-growth” technology, software, and internet startup and scale-up businesses that are bringing about transformative change in their respective sectors. The firm has over $80B in regulated assets under management and has funded more than 700 businesses, of which more than 55 portfolio firms have gone public.
Automated External Attack Surface Management solution
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-facing 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 could help teams recognise and prioritise the correction of critical weaknesses before it’s too late.
At the start of 2022, Detectify announced a strategic product extension after six years of crowdsource-fueled DAST, into the emerging EASM market. The external attack surface was named the top security and risk management trend for 2022 by Gartner, yet the current market penetration for EASM tools is less than 1 per cent. Since the product launched, more than 90 per cent of Detectify’s enterprise customers have signed on for the new tool.
Capital utilisation
In order to raise the bar for External Attack Surface Management, Detectify claims it will use the funds to improve its 99.7 per cent accurate vulnerability assessments, and speed up the adoption of its platform Surface Monitoring and Application Scanning.
Co-founder Rickard Carlsson says, “Funding for tech 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 criticality of our platform functionality in allowing product security and AppSec teams to go hack themselves.”
Detectify’s new capabilities include custom policies for Surface Monitoring customers. Every corporation 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 scores and addressing vulnerabilities that pose little to no real danger.
With Detectify’s new custom policies, teams may tailor rules based on particular processes and internal regulations and concentrate on remediation that matters. These custom policies use an “If-then” structure.
