💰 Security, Funded #113 - Funds Flow, CISOs Go, Cyber's Never-Ending Show 🎪
A review of cybersecurity funding and industry news from the week of September 25th, 2023.
Happy Monday, and I hope you had a great weekend. This week, we’ve got:
🪦 Shut’em down but don’t open up shop
🏃♂️ CISOs stressed, pondering job changes
💰 13 companies raise $193.6M, 5 acquired
📚 Unpacking the future of cybersecurity data
And that’s a wrap for Q3 2023! There have been some big moves that happened to close out Q3, and now we wait to watch the fireworks for Q4.
Onward to this week's issue.
🗣️ Now Accepting Sponsors for 2024
Want to get your brand in front of 5,000+ cybersecurity leaders, CISOs, decision-makers, and investors? The answer may surprise you!
Email me at [email protected], and let’s get this bread together in 2024 🥖 !
Vibe Check - Bad Terms
Which cybersecurity product acronym do you hate more?
Last week’s poll:
Vibe Check - CISOs
Do you think more CISOs are looking to leave the job market now than ever?
61% of respondents said they thought that more CISOs either want less stress or want to do something completely different. While it’s still an undeniable destination role for many people, you can’t ignore the systematic signs of stress that this role has taken on in the last 2-3 years.
If you want to add commentary to your poll answer, leave an answer when you cast your vote or email me at [email protected].
🔮 Earnings Reports
A section for notable earnings reports from public cybersecurity companies, be they “pure play” or hybrid companies.
No public earnings calls to report on from last week!
📅 YTD Funding
A rolling 12-week chart to compare funding and acquisitions each week between 2022 and 2023.
Although this week in funding is ~42% less than the rolling 12-week average, Q3 2023 is up ~30% over Q3 2022. Even still, YTD for 2023 is down ~31% from the peak of hype ⛰️ in 2022, which had a record-breaking Q1 and Q2. I’m excited to see if Q4 2023 comes in hot starting next week! 🔥
Nothing major on the acquisition front this week, just a steady clip of services and product-led businesses. I know there is some hype about some big moves out there, but I don’t like talking about those “Company A might be acquiring Company B” potential deals because they are just noise. Hit me up when you sign that term sheet 📲
💰 Funding Summary
13 companies raised $193.6M across 11 unique product categories
5 companies were acquired or had a merger event across 5 unique product categories
1 company shut down
🧩 Funding By Product Category
$100.0M for Secure Remote Access across 1 deal
$30.8M for Threat Intelligence across 3 deals
$23.0M for Threat Detection and Response (TDR) across 1 deal
$15.0M for Endpoint Detection and Response (EDR) across 1 deal
$10.6M for Security Orchestration and Automated Response (SOAR) across 1 deal
$10.0M for Digital Rights Management (DRM) across 1 deal
$3.3M for Fraud and Financial Crime Protection across 1 deal
$500.0K for Cyber Risk Quantification across 2 deals
$500.0K for Confidential Computing across 1 deal
$10.0K for Cybersecurity Education & Training across 1 deal
An undisclosed amount for Managed Security Services Provider (MSSP) across 1 deal
🏢 Funding By Company
Lumu, a United States-based threat intelligence platform using DNS to determine potential compromises, raised a $24.0M Series B from Forgepoint Capital and a $6.0M Debt Financing round for a total of $30.0M. (more)
USEncryption, a United States-based confidential computing platform, raised a $500.0K Pre-Seed round.
Rankiteo, a United Kingdom-based cyber risk quantification platform, raised an undisclosed Seed round.
🌎 Funding By Country
$100.0M for Lithuania across 1 deal
$93.1M for United States across 11 deals
$500.0K for India across 1 deal
An undisclosed amount for United Kingdom across 1 deal
🤝 Mergers & Acquisitions
🪦 Rest in P(Shareholder Value) 🆕
Companies that stopped, dropped, shut ‘em down but just couldn’t open up shop anymore 😔
📚 Great Reads
Future of Cybersecurity Data Stack: Trends & Players - Ross Haleliuk explores how various approaches are tackling the issue of security data. Get insights into the trends and key players shaping the cybersecurity data stack of the future.
*Cyber Venture Forum - Join Blu Ventures on October 19 for a day of networking and thought leadership with 400+ startups, investors, and others from the Cybersecurity, DeepTech, GovCon, and broader innovation community. Use code SECURITYFUNDED for a 20% ticket discount!
Threat Intelligence Category & Market Breakdown - Some of my own writing - Everything you need to know about Threat Intelligence. As the digital landscape evolves, threat intelligence has become vital for organizations to stay ahead of adversaries.
Everything You Can't Predict - Something a bit different this week that is tech adjacent from a newsletter I've long been a reader of - Trends are easy. The winners of those trends? Not so much.
*Sponsored content and/or affiliate link.
They’ll let anyone publish books these days!
Just another Wednesday
— Justin Elze (@HackingLZ)
Sep 6, 2023
How was this week's newsletter?