Bug bounty and vulnerability disclosure policy (VDP) platform operator YesWeHack plans to accelerate its expansion plans in the Asia Pacific region after securing €16 million in Series B funding.
The fresh investment comes by way of Banque des Territoires and Eiffel Investment Group, with Series A investors Normandie Participations and CNP Assurances, renewing their backing of YesWeHack.
YesWeHack established its Asia Pacific headquarters in Singapore in 2019 and has since seen growing market demand for the crowdsourced security model in the region.
Last year, the company recorded a 250 per cent growth in Asia Pacific revenue, with YesWeHack suggesting the trend reveals the appetite for an alternative approach to cyber security management in the region.
Indeed, 40 per cent of YesWeHack’s security researchers are based in Asia, and 30 per cent of the organisation’s clientele are based in Australia, China, Indonesia, Malaysia and Singapore.
Now, the organisation aims to use some of the Series B investment to grow its Asia Pacific customer base to half of the company’s global revenue.
A key focus is on growing the company's regional office in Singapore as the organisation plans to more than double its current headcount by 2022.
“We’re increasingly seeing organisations across Asia Pacific take a proactive, agile approach to cyber security, as they look to secure any vulnerabilities in their critical information infrastructure,” said Kevin Gallerin, YesWeHack Asia Pacific managing director.
"Having established a strong base of clients in the region, including our recent partnership with Lazada, this round of funding will strengthen our capabilities to meet this growing demand,” he added.
The fresh funding round will also be used to further develop the company’s platform to enable all organisations, from start-ups to large enterprises and governments worldwide, to raise their cyber security strategy.
Additionally, part of the investment will support the company’s research and development efforts to complement and deepen the value delivered to customers.
YesWeHack will also continue to focus on the quality of service and support provided to its customers, to ensure rapid adoption and maximum return on investment.
"Covid-19 has considerably accelerated the modernisation of our clients' IT systems and increased their attack surface," said Guillaume Vassault-Houlière, CEO and co-founder of YesWeHack. "Security teams realise that traditional approaches are no longer sufficient.
“That's why at YesWeHack, we offer an agile and scalable solution that meets these challenges,” he said.
Bug bounty programs seem to be popular at present, with Microsoft this month extended its ongoing ‘bug bounty’ program to its Teams mobile applications, offering rewards of up to US$30,000.
The competition uses Amazon CodeGuru – a developer tool that uses machine learning (ML) to identify bugs and find the most expensive lines of code in applications.
Known as the AWS BugBust Challenge, the tournament was slated to be initially available in AWS’s eastern US region but will become available in additional regions “where Amazon CodeGuru is offered coming soon”.