💰 Security, Funded #114 - Practitioners Unite: Down with Acronyms, Up with Funding!
A deep dive on cybersecurity funding and industry news from the week of October 2nd, 2023.
Before jumping into the newsletter, I would like to extend my deepest sympathies and thoughts to all communities impacted by the horrible terrorist attacks that occurred in Israel over the weekend.
In this week’s issue, we’ve got:
🔥 Fire sales increasing
🤝 Everybody hates buzzword marketing
💰️ 11 companies raised $217.2M, 7 companies acquired
🎯 Global cybersecurity funding crosses big milestone for 2023
Onward to this week's issue.
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Vibe Check - People vs. Tools
If you had to choose, which would you rather have for your cybersecurity program? Why?
Last week’s poll:
Vibe Check - CISOs
Which cybersecurity product acronym do you hate more?
This has probably been my favorite vibe check to date. “X” anything has to go. Nothing brings people closer together than a shared disdain for bad marketing, and the commentary last week did not disappoint. Some of my favorites were:
“its tacky and i hate it”
“Anything with an X immediately sets off BS alarms...and that's before the Twitter rebrand
“I wish you were trolling us on these but I'm afraid you are not.”
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.
With the first week of Q4 2023 behind, global cybersecurity funding YTD has now hit the 8-figure mark at ~10.5B. 🚀 The quarterly average for 2023 so far has been ~$2.9B compared to ~$4.7B in 2022.
Acquisitions are continuing their upward trajectory as the year goes on. I expect these numbers to increase and stay relatively high as more companies enter into the final throes of their runway and start looking for that strategic acquisition lifeline. A number of companies that raised in 2021 and 2022 that haven’t made up traction are approaching fire sale season. 🔥 👀
💰 Funding Summary
11 companies raised $217.2M across 11 unique product categories
7 companies were acquired or had a merger event across 5 unique product categories
🧩 Funding By Product Category
$204.3M for Identity and Access Management (IAM) across 1 deal
$4.4M for Network Detection and Response (NDR) across 1 deal
$4.0M for Open-Source Intelligence (OSINT) across 1 deal
$2.7M for Artificial Intelligence (AI) Privacy Assurance across 1 deal
$1.0M for Managed Security Services Provider (MSSP) across 1 deal
$400.0K for Threat Detection and Response (TDR) across 1 deal
$382.6K for Professional Services across 1 deal
An undisclosed amount for Security Operations across 1 deal
An undisclosed amount for Security Awareness across 1 deal
An undisclosed amount for Security and Compliance Automation across 1 deal
An undisclosed amount for Attack Surface Management (ASM) across 1 deal
🏢 Funding By Company
BRIGHTSIDE, a Switzerland-based personalized security awareness training platform using AI, raised an undisclosed Venture round.
🌎 Funding By Country
$212.0M for United States across 5 deals
$4.4M for France across 1 deal
$400.0K for Israel across 2 deals
$382.6K for Australia across 1 deal
An undisclosed amount for Switzerland across 1 deal
An undisclosed amount for Canada across 1 deal
🤝 Mergers & Acquisitions
📚 Great Reads
Overcoming Security Obstructionism - Matt Jay talks about Security Obstructionism and shares why we're our worst enemy in information security.
*Privacy-First Development - Privacy-first development is essential for healthcare tech companies to protect sensitive patient data and maintain trust with users. Privacy Dynamics offers robust solutions for data minimization, maintaining data utility, and integrating privacy into the development lifecycle.
The Security Research Product Function - Deep dive post by Zack Allen. Security research product function is essential to keep up with the latest threats and vulnerabilities. It helps product teams build features that detect and prevent attacks.
The Evolution of the BISO Role: Challenges and Opportunities - The Business Information Security Officer (BISO) role is essential in bridging the gap between cybersecurity and business, but it faces challenges. Learn what it takes to excel in this role and how to overcome its limitations.
*Sponsored content and/or affiliate link.
Love it when my attackers are direct and just say what they really want
"highly skilled and sophisticated attackers"
— “Alex” (@mangopdf)
Sep 8, 2023
How was this week's newsletter?