Danish-born CrowdCurity announces that they have raised $1 million in a seed round from Tim Draper, Kima Ventures, and several private backers Gerhard Eschelbeck and Dr. Fengmin Gong. The startup intends to use the funds to expand its crowdsourced security marketplace of responsible disclosure and bug bounty programs.
They previously announced $470 in debt financing in May of this year and previously incubated at Bitcoin-focused accelerator Boost.vc. CrowdCurity currently claims 1,200 security testers and says that it has run more than 90 bug-bounty programs.
As the name suggests, CrowdCurity harnesses the power of crowdsourcing to allow clients to have their software debugged by skilled testers. Clients sign up and select reward sizes for valid vulnerabilities. Clients recieve reports and a security seal, depending on the level that they choice. Further, if testers do not manage to find any bugs, then the client does not pay. The company reports that clients may pay out by credit card or with Bitcoin.