London/Washington D.C., 28 May 2020 – C5 Capital USA LLC (“C5 Capital”), the specialist investment firm investing in the secure data ecosystem, has led a successful Series D funding round for Synack, the leading provider of continuous application security and penetration testing services using AI and skilled ethical hackers.
C5 Capital led the Series D round investment of $52M along with B Capital Group, and which also included a number of strategic partners and leading technology investors including GGV Capital, GV (formerly Google Ventures), Hewlett Packard Enterprise (“HPE”), Icon Ventures, Intel Capital, Kleiner Perkins, Microsoft’s venture fund M12 and Singtel Innov8 (the corporate venture arm of the Singtel Group).
Synack has led the industry in providing scalable continuous security testing by creating a platform that combines both expert human and artificial intelligence, fulfilling the increasing demands for continuous testing driven by the rapid rise of digital transformation. Headquartered in Silicon Valley with regional offices around the world, Synack protects major organizations from leading global banks and Fortune 500 companies with close to $1 trillion in total revenue, to government agencies including the DoD.
Synack is well positioned as the fast-growing application and penetration testing market, expected to reach $9.6B by 2023, increasingly shifts to a continuous testing model. Their cloud-based platform combines AI with on-demand remote access to more than 1,500 security researchers in 82 countries worldwide to dramatically scale continuous testing of web and mobile applications and host assets. Synack solutions are made ever more relevant following the sudden increase in home working during the COVID-19 pandemic, which has left organizations exposed to a new wave of intensified and highly aggressive cyberattacks aiming to capitalize on vulnerable systems.
Investing in Synack follows C5 Capital’s strategy of investment in high-growth companies in the secure data ecosystem, including cyber security, cloud, and AI. Focusing on critical applications to create a secure digital future, C5 uses its strong partner network, value add activities, and cross-Atlantic presence to accelerate and expand their growth.
The investment marks the second investment made by C5 in the last two months following C5’s recent investment in data security company Enveil. This investment was led by William Kilmer, Managing Partner at C5 Capital, who will join the Synack board of directors.
Commenting on the investment, William Kilmer, C5 Capital Managing Partner, said: ”Synack has a highly compelling offer which, underpinned by its AI-based IP, ensures it is very well placed to address both the cyber threat of today and the future. Using crowdsourcing as the basis for its penetration testing and encompassing insights from experienced hackers from over 80 different countries, the platform will give organizations the upper hand when it comes to ensuring sustainable security at scale and the protection of sensitive information and customer data. We are excited to embark on this journey with Synack and help the company continue on its high-growth trajectory.”
Andre Pienaar, Founder of C5 Capital Limited, said: “We are delighted to be partnering with Synack, whose market leading solutions have a global opportunity. We look forward to working closely with them to expand their presence in new and existing markets.”
Synack CEO Jay Kaplan added: “This round fuels the next phase of growth for Synack and our mission of providing scalable, expert security testing solutions globally. We are excited to have C5 Capital lead the round as a valued partner to contribute their U.S. and European market expertise and their resources and network to help us grow the business and expand internationally.”
Press Contact – C5 Capital
Charlie Jack/Andrew Leach/Emily Jones/Rebekah Chapman
C5Capital@hudsonsandler.com
0207 796 4133
About C5 Capital
C5 Capital Limited (C5) is a global specialist investment firm that exclusively invests in the secure data ecosystem, including cyber security, cloud, AI and space. The firm is dedicated to nurturing a secure digital future with an investment strategy that is based on building long-term relationships with innovative companies that share in our mission.
For more information, visit: www.c5capital.com.
About Synack
Synack is the most trusted crowdsourced security platform on the market continuously protecting organizations with unparalleled ethical hacker talent and proprietary scanning technology. More than 1,500 of the world’s best security researchers from 82 countries are part of the Synack Red Team community that hunts for critical vulnerabilities. Their smarts combined with Synack’s powerful software safeguards leading global banks, federal agencies, DoD sensitive assets, and close to $1 trillion in Global 2000 revenue. A 4-time CNBC Disruptor 50 company, Synack was founded in 2013 by former NSA security experts Jay Kaplan, CEO, and Dr. Mark Kuhr, CTO. The company is located in Silicon Valley with regional offices around the world.
For more information, please visit www.synack.com.