Bishop Fox, a Phoenix, Arizona-based private professional services company that offers security testing, announced it has raised $25 million in Series A funding from ForgePoint Capital. This round of funding will be used to grow research capabilities and develop next-generation offensive security technologies. And Bishop Fox will be hiring leading security researchers and testers and expanding the technical abilities of its security experts.
“We are committed to advancing the state of offensive security in the industry so we can protect our clients from current and future threats,” said Bishop Fox co-founder and CEO Vincent Liu in a statement. “We’re grateful to our clients for their continued confidence in our ability to deliver excellent technical results and superior service. As we grow and push the boundaries of the industry, we will continue to invest in our incredible team of talented consultants and practice support personnel to ensure that our promise to clients never falters.”
Photo / Credit: Bishop Fox
Bishop Fox co-founder Francis Brown is going to move into the role of Chief Research Officer in order to drive innovative research for the company. Brown has is well known for presenting at Black Hat over the past eight years and has spent a lot of time on drone hacking, RFID hacking, and Google Hacking Diggity research projects.
“The breadth and sophistication of Bishop Fox’s clients blew us away. These companies come to Bishop Fox because they want to stay far ahead of the bad guys, not because they are checking a box,” added ForgePoint Capital principal Will Lin. “The founders have worked tirelessly, under the radar, to build a business with substance. We are excited to be investing in the offensive security testing leader and to be a part of the company’s next level of growth.”
ForgePoint Capital managing director Don Dixon also pointed out that he has been investing in cybersecurity companies over the last three decades and believes “Bishop Fox has the opportunity to change the game in offensive security.”
Bishop Fox essentially conducts penetration tests and security assessments to help companies secure products, applications, and networks. As a result, Bishop Fox has grown into the largest privately held and independent penetration testing company on the market now. Ever since the company was founded in 2005, the company has provided cybersecurity consulting services to over 25% of the Fortune 100.
Currently, the penetration testing market is valued at about $900 million and it is expected to reach over $4 billion by 2025. And it is expected to compound an annual growth rate of 23.87%. Between 2019 and 2025.