Cobalt Labs Inc. (fka CrowdCurity), a San Francisco, CA-based platform for agile application security services for SaaS businesses, received $1.5m in seed funding.
The round, which brought total funding to $2.5m, was led by eLab Ventures, with participation from Tim Draper with Draper Associates. In conjunction with the funding, Bob Stefanski, general partner at eLab Ventures, joined Cobalt’s board along with Caleb Sima, co-founder of BlueBox Security, which sold to Lookout, and co-founder of SPI Dynamics, which was acquired by HP.
The company intends to use the funds to further build its platform and global community of security researchers.
Led by Jacob Hansen, CEO, Cobalt Labs provides a crowdsourced application security solution which leverages a global intelligent community of researchers to deliver agile application security services such as penetration testing and curated private bug bounties.
Customers include online businesses such as Wix, GoDaddy and Paysafe Group.