Crowdsourced mobile and web application security platform Cobalt raises $1.5 million in seed funding led by eLab ventures
(Thomson Reuters ONE) -
Cobalt's application security platform and global community of security
researchers help organizations fully test security of their web and mobile
applications
SAN FRANCISCO, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Cobalt Labs Inc., a new
platform for agile application security services for SaaS businesses, announced
today that it has received $1.5 million in seed funding to further build its
platform and global community of security researchers. The investment round was
led by eLab Ventures, with additional investment from Tim Draper with Draper
Associates. The funding follows the $1 million angel round raised in 2014 and
brings total funding to $2.5 million.
"We're excited to partner with Cobalt, a fast growing company that grew its
revenue by 300% in 2015. Cobalt is on a path to transform the application
security landscape and I am thrilled to be part of the journey," said Bob
Stefanski, general partner at eLab Ventures.
Stefanski joins the Cobalt board, bringing over 25 years of technology industry
expertise to the team. He was on the founding management team of TIBCO Software,
a leading enterprise infrastructure software company. Caleb Sima, co-founder of
BlueBox Security, which sold to Lookout, and co-founder of SPI Dynamics, which
was acquired by HP, also joins the board with 20 years of application security
experience. Additionally, Robert Fly joins as an investor and advisor with more
than 15 years of application security experience from Microsoft and most
recently Salesforce, where he built the product security team and was VP of
Security Engineering.
SaaS businesses, such as GoDaddy, Wix, Weebly, Nexmo and Optimizely are using
the Cobalt platform to test their applications for security vulnerabilities.
"Companies building web and mobile applications need the flexibility to quickly
develop new applications that delight their customers, while ensuring that their
applications are secure," said Jacob Hansen, CEO of Cobalt. "Instead of needing
to invest in security tools, such as scanners and penetration tools that are
expensive and vary in quality, and having to hire security staff or consultants,
our customers rely on Cobalt to provide transparent continuous application
testing services, leveraging a powerful platform along with a global community
of security researchers."
"I'm impressed by how Cobalt has built its model by taking the best elements
from the bug bounty space, which offers rewards to those in the security
community who can identify software vulnerabilities, and combining them with a
scalable, continuous penetration testing platform," said Robert Fly.
Caleb Sima added, "I've seen how the application security industry has evolved
over the last 20 years from the first scanning solutions to today's crowdsourced
application security. I'm excited to be a part of the Cobalt team as they move
to disrupt the consulting and scanner worlds."
About Cobalt:
Cobalt Labs Inc., provides a new and effective crowdsourced application security
solution for modern organizations. Headquartered in San Francisco and launched
in 2013 as CrowdCurity, Cobalt leverages a global intelligent community of
security researchers to deliver agile application security services such as
penetration testing and curated private bug bounties. Cobalt customers include
leading online businesses such as Wix, GoDaddy and Paysafe Group. For more
information, visit https://cobalt.io
Contact: hello(at)cobalt.io
Phone Number: +1 415 651 7028
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Source: Cobalt Labs, Inc via GlobeNewswire
[HUG#2035377]
Datum: 17.08.2016 - 14:00 Uhr
Sprache: Deutsch
News-ID 489685
Anzahl Zeichen: 4403
contact information:
Town:
San Francisco
Kategorie:
Business News
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