Synack has successfully raised $112.3 million over five funding rounds, positioning itself as a leader in the cybersecurity industry. The platform offers a trusted crowdsourced security testing service, combining the expertise of ethical hackers with AI-enabled technology.
Keep reading to explore the intricacies of Synack's fundraising journey and the investors backing this innovative platform.
What Is Synack?
Founded in 2013, Synack is a premier security testing platform headquartered in Silicon Valley, with regional offices in Austin and Redwood City. The company was established by Jay Kaplan, who serves as CEO, and Dr. Mark Kuhr, the CTO.
Synack combines the expertise of ethical hackers with AI-enabled technology to deliver continuous and actionable penetration testing results. Their platform helps security teams efficiently test their attack surfaces and protect their assets.
With a workforce of 201-500 employees, Synack has been recognized as a trusted leader in crowdsourced security testing, protecting global banks, federal agencies, and Fortune 500 companies.
How Much Funding Has Synack Raised?
- Seed Funding Round
- Amount Raised: $1.5 million
- Date: August 1, 2013
- Lead Investors: Kleiner Perkins Caufield & Byers, Greylock Partners, Wing Venture Partners, Allegis Capital, Derek Smith
- Motivation Behind the Round: To develop and scale Synack's platform for crowdsourcing vulnerability and security testing.
- Series A Funding Round
- Amount Raised: $7.5 million
- Date: April 24, 2014
- Lead Investors: Kleiner Perkins Caufield & Byers
- Motivation Behind the Round: To expand Synack's network of security experts and build a sales and marketing team to attract enterprise customers.
Total Amount Raised: $9 million. Current Valuation: (~estimated).
Key Investors
- Kleiner Perkins Caufield & Byers (KPCB)
- Details: KPCB is a renowned venture capital firm that has been investing in early-stage and growth companies since 1972. They have a history of backing transformative companies in various sectors.
- Investment Focus Areas: Technology, healthcare, life sciences
- Notable Investments: Google, Amazon, Twitter
- Google Ventures
- Details: Google Ventures, the venture capital arm of Alphabet Inc., focuses on funding innovative technology companies. They provide not just capital but also access to Google's vast resources.
- Investment Focus Areas: Technology, life sciences, clean energy
- Notable Investments: Uber, Nest, Slack
- Greylock Partners
- Details: Greylock Partners is a venture capital firm that invests in early and growth-stage companies. They have a strong track record in the technology sector.
- Investment Focus Areas: Consumer software, enterprise software, cybersecurity
- Notable Investments: Facebook, LinkedIn, Airbnb
- Allegis Capital
- Details: Allegis Capital specializes in early-stage investments, particularly in cybersecurity and enterprise software. They have been active in the venture capital space for over two decades.
- Investment Focus Areas: Cybersecurity, enterprise software
- Notable Investments: Shape Security, IronNet Cybersecurity, Area 1 Security
- Derek Smith
- Details: Derek Smith is the CEO of Shape Security, a company that provides advanced cybersecurity solutions. He is also an individual investor in various cybersecurity startups.
- Investment Focus Areas: Cybersecurity
- Notable Investments: Shape Security
What's Next for Synack?
Synack stands at the cusp of a significant opportunity, leveraging a global network of top security experts to uncover vulnerabilities in corporate networks. With the cybersecurity market growing rapidly, the demand for innovative solutions like Synack's is immense. The company can capitalize on this by expanding its network and targeting enterprise-class customers.
Future fundraising opportunities seem promising as Synack continues to prove its business model and attract enterprise clients. The successful Series A round indicates potential for further investment, which could support its expansion and operational scaling. However, challenges such as recruiting skilled experts and securing long-term contracts with large enterprises remain. Ensuring the quality and reliability of their freelance hackers will be crucial as they navigate this competitive landscape.
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