C5 Capital leads USD52m Synack investment round
C5 Capital USA (C5 Capital), a specialist investment firm investing in the secure data ecosystem, has led a Series D funding round for Synack, a provider of continuous application security and penetration testing services using AI and skilled ethical hackers.
C5 Capital led the Series D round investment of USD52 million 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 organisations from leading global banks and Fortune 500 companies with close to USD1 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 USD9.6 billion 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 organisations exposed to a new wave of intensified and highly aggressive cyberattacks aiming to capitalise 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.
William Kilmer, C5 Capital Managing Partner, says: ”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 organisations 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, says: “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 adds: “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 US and European market expertise and their resources and network to help us grow the business and expand internationally.”