On Wednesday, HackerOne, the bug bounty platform has declared that a $40M Series C funding and now it is preparing to use the fund to expand the platform.
Bug Bounty programs linked organizations and companies to hackers who discover bugs/malware and are compensated for their efforts. Due to rising reputation with companies involved in hosting up a bug bounty program without beginning from scratch, the bug finding ‘outsourcing’ technique has proven to be a fruitful model for handling today’s continuous vulnerability exploitation and cyber-attacks by hackers.
In the round of Series c financing, managed by Dragoneer Investment Group, plus shows the increasing interest of stakeholders. HackerOne states the firm loved “extraordinary company growth” in the year 2016. The cost of a bread in the America on average basis has now increased to approximately $7M. Companies have adopted HackOne to decrease the danger of successful hacks. Almost 38,000 loopholes resolved since the company’s foundation.
A statement released from the HackerOne,
“invest further in technology development, expand market reach, and continue to strengthen the world’s largest and most diverse hacker community.”
Approximately $34M has been raised from 8 investors in 2 financing rounds by the HackerOne since its launching in the year 2012. In the HackerOne’s last Series B financing round, the firm raised $25M in a round ran by New Enterprise Associates. The new fund injection takes company’s financing up to $74M.
Dragoneer Investment Group is CA-based from San Francisco, has previously financed in private firms including New Relic, PointClickCare, and Airbnb.
The CEO of HackerOne, Marten Mickos said,
“Together we hit harder and the results speak for themselves. Our customers typically receive their first valid security vulnerability report the same day they challenge our diverse community of hackers to examine their code.”
A great trend
Microsoft, Facebook, Google are some the tech companies that have their personal internal bug bounty programs. For example, Google paid out $3M on bug bounty programs in the year 2016, compensating the researchers for their efforts. Another firm that has spent loads of dollars to researchers looking for the bugs is ‘Uber’. Nintendo has also offered bug bounty to find flaws in its systems earlier. The same can be said regarding all the tech giants that run such bug bounties either in-house or through HackerOne.
In the year 2016, when the Pentagon decided it needed to start the same program, although, with limited access, HackerOne was chosen to run the program. After that, Hack the Pentagon was tracked by Hack the army. Marten Mickos says, “It took us less than 5 minutes to file the first vulnerability report which, in turn, the Army was quick to resolve along with 118 other discovered bugs during the four-week program.”
Last year, HackerOne disclosed a list of the most rewarding bug bounties hosted by them. On the other hand, Twitter rewarded hackers a sum of $561,980 last year for revealing a variety of vulnerabilities. LocalTapiola (insurance giant) is luring researchers with a reward of $50K for the discovery of dangerous, out of scope vulnerability.