Cyber security startup ProjectDiscovery raises $25m, launches Cloud Platform

ProjectDiscovery, the open source powered security company that specializes in the detection of new, exploitable vulnerabilities, announced it has raised $25 million in a Series A financing round led by CRV, with participation from Point72, SignalFire, Rain Capital, Mango Capital, Accel, Lightspeed, Guillermo Rauch, Caleb Sima and Talha Tariq, among others. At the same time, the company announced the launch of its ProjectDiscovery Cloud Platform, a fully-managed SaaS platform built on top of ProjectDiscovery's most popular open source tools to enable enterprises to discover and remediate vulnerabilities at scale.

Rishiraj Sharma, Co-founder and CEO, ProjectDiscovery: "Today's announcement of our $25 million Series A from visionary venture firm CRV and our existing investors, along with the launch of our ProjectDiscovery Cloud Platform, makes us better positioned than ever to advance our mission of democratizing cybersecurity by leveraging the power and speed of our talented and enthusiastic open source community."

Reid Christian, General Partner, CRV: "With cyberattacks and new vulnerabilities emerging and evolving at an ever-accelerating rate, it's clear that traditional black-box approaches focused on compliance are ill-equipped to keep pace. With its new cloud platform, ProjectDiscovery has not only introduced a powerful new solution to the threats we're seeing today – they have created a whole new approach that allows engineers from all over the world to collaborate in real time to diagnose and rapidly remediate security risks as they emerge. ProjectDiscovery perfectly exemplifies the kind of creative, far-sighted innovation that CRV seeks to support, and we're eager to work with their team to further accelerate the ProjectDiscovery growth story."

ProjectDiscovery was born out of a collaboration between four cybersecurity engineers who saw a glaring need for modern security tools that could automate asset discovery and vulnerability scanning to continually detect new elements in an organization's evolving attack surface. In conjunction with a passionate open-source community, they developed a suite of open source solutions including ProjectDiscovery's original Nuclei vulnerability scanner to enable anyone to discover trending and exploitable vulnerabilities across web applications, APIs, cloud environments and third-party applications.

ProjectDiscovery Cloud Platform

ProjectDiscovery Cloud Platform represents the company's first commercial offering to bring all of ProjectDiscovery's most popular open source tools to the enterprise in an easy-to-use, hosted platform. The new platform allows enterprises to manage assets, discover, and remediate vulnerabilities at scale, and fix cloud security misconfigurations.

The new platform includes features designed to:

• Streamline enterprises' ability to run ProjectDiscovery tools at scale;
• Further enhance the efficiency of ProjectDiscovery's modular open-source tools through automated connection functionality; and
• Provide enterprise requirements such as a robust UI, integrations, reporting and support for all security requirements.

Over 3,000 organizations and engineers registered for the ProjectDiscovery Cloud Platform beta, reflecting the powerful engagement that has given ProjectDiscovery one of the fastest growing open-source communities in the cybersecurity industry.

Chenxi Wang, Managing General Partner, Rain Capital: "The open source approach has created successful companies in DevOps and many other areas, but successes in the cybersecurity space have been few and far between. With the open source know-how, an active, fast-growing community, and an innovative approach to vulnerability management, ProjectDiscovery is in a unique position to bring open source innovation to the enterprise. As a long-time investor in ProjectDiscovery, we're more excited than ever to help this company scale and lead the vulnerability-management-as-code movement."

www.projectdiscovery.io