US-based cybersecurity technology developer Synack secured approximately $21.3m on Tuesday in a series C round led by Microsoft Ventures, the corporate venture capital arm of software provider Microsoft.
Singtel Innov8, the CVC subsidiary of telecommunications firm SingTel, and internet technology group Alphabet’s corporate venturing unit GV also took part, as did enterprise IT company Hewlett Packard Enterprise (HPE), GGV Capital and Kleiner Perkins Caufield & Byers (KPCB).
Founded in 2013, Synack has built a cybersecurity platform informed by a crowdsourced network of ethical hackers. Its client list is confidential but the company claims it includes various Fortune 500 companies and US government agencies.
The round, which boosted Synack’s total funding to $55m, will be used for platform development and the expansion of its customer base in Europe and the US as the company seeks to enter the Asia Pacific region and grow its hacker consultancy network.
A representative of Microsoft Ventures will take a Synack board seat in conjunction with the round, alongside Gary Steele, chief executive of enterprise security software provider Proofpoint.
Jay Kaplan, Synack’s co-founder and chief executive, said: “Bringing Microsoft Ventures, HPE and Singtel Innov8 on board highlights their ongoing investment in security for their products and customers.
“We have a shared vision for the future of cybersecurity and see a huge opportunity for alignment in platform development and scaling channels to market.”
Synack raised $25m in its last round, a 2015 series B co-led by GGV Capital and Icon Ventures, that included GV (then known as Google Ventures), KPCB, Greylock Partners, Allegis Capital and assorted angel investors. Google, KPCB, Greylock and Allegis also backed its $7.5m series A in 2014.