Bug bounty platform HackerOne raises $36.4 million

#News(Startup) [ via IoTGroup ]

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Against this backdrop, bug bounty platform HackerOne today announced that it has raised $36.4 million in a series D round of funding led by Valor Equity Partners, with participation from Benchmark, New Enterprise Associates, Dragoneer Investment Group, and EQT Ventures, among others.
Founded in 2012, San Francisco-based HackerOne is a platform that connects companies with security researchers or “white-hat hackers,” who receive cash incentives to find and report security glitches in software applications.
On top of the bounty paid to a person or people who find and report a bug, HackerOne charges companies a 20% commission.
The company said the average amount of money shelled out to white-hat hackers for critical vulnerabilities is now $3,384, up 48% year-on-year (YoY), with six members of the HackerOne community surpassing $1 million in total lifetime earnings this year.
Moreover, it said that 100 hackers earned more than $100,000 in bounties in 2018, with a total of $19 million doled out in the whole of last year.
This is why investors are keen to back bug bounty platforms such as HackerOne and its San Francisco rival Bugcrowd, which raised a $26 million tranche of funding last year.
“HackerOne is leading a new wave of cybersecurity companies tackling the unique challenges brought on by rapid growth and more sophisticated attack surfaces,” said Valor Equity Partners’ David Obrand, who now joins HackerOne’s board of directors.
“Hacker-powered security is here to stay, and with its tremendous customer and hacker community, HackerOne is dominating the market.”
According to the company, a white-hat hacker connects with a company through HackerOne once every minute of the day, and in more than three-quarters of new bug bounty programs, a valid vulnerability is reported within a day

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