US-based crowdsourced cybersecurity service Synack has received $52m in a series D round featuring internet technology group Alphabet, chipmaker Intel, telecommunications firm SingTel, enterprise technology producer Hewlett Packard Enterprise and software provider Microsoft.
The round was co-led by venture capital firm B Capital Group and investment firm C5 Capital and included GGV Capital, Icon Ventures and Kleiner Perkins, while Alphabet, Intel, SingTel and Microsoft took part through GV, Intel Capital, SingTel Innov8 and M12 respectively.
Synack has built a network of more than 1,500 cybersecurity experts known as Synack Red Team whose efforts augment its own cybersecurity software by seeking out the security vulnerabilities of its clients.
The series D funding will be used to strengthen Synack Red Team, enhance product development and form new relationships that will support the company’s international growth. It said it has now raised approximately $112m in total.
The deal followed a $21.3m series C round led by M12 (then Microsoft Ventures) and backed by Singtel Innov8, GV, Hewlett Packard Enterprise, GGV Capital and Kleiner Perkins forerunner Kleiner Perkins Caufield & Byers (KPCB) in 2017 at a reported valuation of $150m. Intel Capital invested an amount likely to be about $5m later that year.
GV, KPCB, Greylock Partners, Allegis Capital and Derek Smith had supplied $7.5m in series A funding for the company in 2014, before returning for a $25m series B round co-led by GGV Capital and Icon Ventures the following year.
