News today from security testing vendor Bugcrowd highlights an increasing trend towards leveraging an outside community to do good things for organizations.
First, the news: Bugcrowd is investing a $15 million Series B led by Blackbird Ventures along with existing investors Costanoa Venture Capital, Industry Ventures, Paladin Capital Group and Rally Ventures. Not one to miss out on a funding opportunity, Salesforce Ventures also joined the round. The company has now raised $24 million since its founding at the Startmate accelerator in Sydney, Australia.
What Bugcrowd does is pretty simple. Its flagship product, Crowdcontrol, is used by a bunch of high-profile brands, including reditKarma, Fitbit, Motorola, Tesla, TripAdvisor and Western Union, to resolve security bugs in their products. But this isn’t any magic bullet “apply our advanced platform and resolve your bugs automatically” kind of science fiction. Instead, Crowdcontrol leverages that most ancient of resources—the crowd. Bugcrowd has built a vetted community of over 27,000 security researchers, all of whom helps Bugcrowd’s customers reveal the holes in their software.