Hacker-powered security platform, HackerOne announced that it has raised $49 million dollars in a Series E funding round. The round was led by investment firm GP Bullhound. With the latest round, the total investment was raised to approximately $160 million.
The funding round followed an eventful year, culminating in the Log4j vulnerability in December. In the first month of the zero-day dropping, 612 hackers submitted 2,175 potential vulnerabilities to HackerOne customers. Customers also saw a 97% increase in reports for misconfigurations in 2021.
The company stated that the funding will be used to invest in research and development and expand go-to-market activities. Existing investors, Benchmark, NEA, Dragoneer Investment Group, and Valor Equity Partners, also participated in the Series E funding round. Marten Mickos, CEO of HackerOne said,
« 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. In the past 12 months, we have identified over 17,000 high or critical vulnerabilities for our customers that could otherwise have been gaping holes for adversaries to enter through. To fuel our accelerating growth, we welcome GP Bullhound as our newest investor with their experience in supporting the most significant names in the global technology world. »