Cybersecurity Company Intigriti Nets $22.4M in Series B Funding

Brussels-based cybersecurity platform Intigriti has raised 21.1 million euros ($22.4 million) in a Series B round, the company announced Tuesday (April 26).

The latest infusion of funds will enable Intigriti to accelerate its rapid detection, reporting and validation of corporate vulnerabilities and empower “ethical hackers” to uncover cybersecurity threats, outperforming traditional methods, the company said.

In addition, the company said it plans to use the funds to grow its headcount to more than 200 employees worldwide, across the company’s offices in the United Kingdom, Europe and Singapore.

Financing was led by Octopus Ventures, one of Europe’s most active early-stage investors. Germany-based fund EnBW New Ventures also participated along with previous investors and Intigriti’s largest shareholder, ETF Partners.

Intigriti, a crowdsourced security platform, said it has achieved 650% growth since its initial funding round in 2020.

The company’s global cybersecurity platform connects organizations with reformed hackers to test and improve their security programs. As a result, it has attracted the attention of new markets, including the United States and Asia, Intigriti added.

“Our researcher’s automation flows have allowed Intigriti customers to detect vulnerabilities before any commercial scanner could, said Inti De Ceukelaire, head of hackers at Intigriti, in a statement. “With this investment, we will continue to optimize the process to keep validation time at a minimum while upholding our 95% accuracy standard.”

In an interview with PYMNTS last week, Tamas Kadar, CEO at the United Kingdom-based fraud prevention firm SEON, said fighting cybercrime requires multiple approaches.

Read more: SEON CEO Says Rising Cyber Threat Requires Multi-Provider Security Approach

From criminals creating fake accounts with stolen identities, to exploiting traditional onboarding process, to capitalizing on data breaches to launch credential stuffing attacks, there are no shortage of ways launch attacks online.

“What we see today is the highest level of successful fraudulent attacks, more people are being targeted,” Kadar said. “Unfortunately, and cybercriminals are getting cleverer.”