secured $29 million to develop its Penetration Test as a Service Platform


Cobalt, a Sans-Francisco based cybersecurity platform that connects the human penetration testers with companies looking to test their software, has now secured $29 million in Series B funding round.

Cobalt is founded by Jacob Hansen in the year 2013. The company offers Penetration Test as a Service (PTaaS) platform that leverages human cybersecurity experts, who work to find vulnerabilities in software – a process known as penetration testing or pen-testing. Cobalt has secured $37 Million in total funding to date, according to CrunchBase.
The company now has 500 customers, which includes the MuleSoft, Axel Springer, GoDaddy, and around 300 pentesters on its platform.

Executive Opinion

Jacob Hansen, co-founder, and CEO of Cobalt, said, "Organizations do business globally and digitally, yet traditional pentesting is delivered locally via a PDF. The pentesting industry doesn't need another cool tool, it needs people and process innovation. That is why we created a way to engage the best cybersecurity talent, via our pentest management platform, allowing customers to move from a static pentest to platform-driven pentest programs. Cobalt ultimately drives better security and improves return on investment for each customer."

Caroline Wong, Chief Strategy Officer of Cobalt, said, "Sometimes it’s by solving unsexy problems that you revolutionize a whole industry. Consultancies have relied on the story that the hardest part of pentesting is hacking the software. Actually, we’ve known for decades what the most pervasive technical problems are and how to address them. The much harder part is connecting with the right people who can do the technical security work, and delivering the results to the development team who can fix the vulnerability."

Cobalt latest funding

The Series B funding round, which brought the total funding to $37 million, was backed by Highland Europe.

Post funding, Gajan Rajanathan will join Cobalt's Board of Directors team, notes the announcement.

The company, as of now, has plans to use the new funds to continue its global expansion and develop its Penetration Test as a Service, Cobalt platform.
PC: Pablo, Pexels

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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