Funding Alert

ProjectDiscovery Raises $25M in Series A and Launches Cloud Platform for Cybersecurity

• ByStartupStory     |    August 18, 2023

ProjectDiscovery, a leading open-source powered security company specializing in detecting new, exploitable vulnerabilities, has successfully secured $25 million in a Series A funding round, with CRV at the helm of the investment and participation from notables like Point72, SignalFire, Rain Capital, Mango Capital, Accel, Lightspeed, Guillermo Rauch, Caleb Sima, and Talha Tariq, among others. Simultaneously, the company has introduced its ProjectDiscovery Cloud Platform, a fully-managed SaaS solution built upon ProjectDiscovery’s popular open-source tools. This platform empowers enterprises to proactively identify and resolve vulnerabilities on a larger scale.

Rishiraj Sharma, Co-Founder and CEO of Project Discovery expressed the significance of this milestone, stating, “Our Series A funding of $25 million from visionary firm CRV and our existing supporters, coupled with the launch of our Project Discovery Cloud Platform, positions us remarkably well to advance our mission of democratizing cybersecurity. We aim to harness the strength and rapid collaboration of our vibrant open-source community.”

Andy Cao, COO of Project Discovery, celebrated the company’s triumph in open-source cybersecurity, highlighting the participation of security experts globally who have contributed to crafting robust and contemporary security tools. The company’s portfolio of open-source projects has garnered over 60k GitHub stars with +100k weekly downloads, cementing it as one of the fastest-growing open-source cybersecurity entities. Nuclei, the core scanning engine, conducts over 50 million scans each month across 100 countries. This additional funding is set to facilitate the expansion of a top-tier team, the launch of an enterprise-oriented offering, and continuous support for their extensive open-source user base.

Reid Christian, General Partner at CRV, applauded Project Discovery’s innovative approach to combating the escalating landscape of cyber threats and vulnerabilities. The newly introduced cloud platform not only presents a robust solution to contemporary challenges but also fosters real-time global collaboration among engineers to diagnose and rapidly mitigate security risks. This inventive perspective resonates with CRV’s commitment to transformative innovation.

ProjectDiscovery Cloud Platform, the company’s maiden commercial product, bundles its most popular open-source tools into an accessible hosted platform designed for enterprises. The platform streamlines asset management, vulnerability discovery, and resolution, while also addressing cloud security misconfigurations.

Key attributes of the platform include:

Efficiently running project discovery tools at scale;

Optimized efficiency of modular open-source tools via automated connections;

Enterprise features such as a robust UI, integrations, reporting, and comprehensive security support.

Over 3,000 organizations and engineers have joined the beta phase of the ProjectDiscovery Cloud Platform, highlighting its appeal and underscoring ProjectDiscovery’s rapid growth in the cybersecurity sector.

Dr. Chenxi Wang, a seed investor in Project Discovery and Managing General Partner at Rain Capital, emphasized the company’s unique position to bring open-source innovation to the cybersecurity enterprise. The company’s prowess in open-source, coupled with an active, expanding community, is positioned to redefine vulnerability management for enterprises, marking a new chapter in the cybersecurity industry.

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