Hacker-powered bug bounty platform HackerOne on Thursday announced that it has received $49 million in Series E investment, which brings the total raised by the company to $160 million.
The funding round was led by GP Bullhound and received participation from Benchmark, Dragoneer Investment Group, NEA, and Valor Equity Partners.
According to HackerOne, traditionally conservative organizations are increasingly switching to using ethical hacking to improve their defenses.
Overall, the platform observed significant growth (of 62% and 89%, respectively) in the adoption of bug bounty programs among leading organizations in the financial and government sectors (including US, UK and Singapore).
Last year, the company also expanded its Internet bug bounty initiative, which is catered towards identifying vulnerabilities in the open source software supply chain, and which has seen commitment from organizations such as Elastic, Facebook, Shopify, and TikTok, among others.
[READ: HackerOne Raises $36.4 Million in Series D Funding Round]
Throughout 2021, which ended with the discovery of the Log4j vulnerability, HackerOne’s customers observed a 97% increase in reports for misconfigurations. Over the past year, the HackerOne community of hackers identified more than 17,000 high- or critical-severity vulnerabilities, the platform also says.
“With Log4j, ransomware, and nation-state attacks, governmental institutions have never been so exposed. As attack surfaces grow, so does the gap between what digital assets organizations own and what they can protect. HackerOne is closing that gap and keeping its customers out of harm’s way in a way that no other mechanism can accomplish,” Marten Mickos, CEO of HackerOne, said.
HackerOne says it will use the new investment for research and development, as well as to expand its go-to-market operations.
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Ionut Arghire is an international correspondent for SecurityWeek.
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