💰 Security, Funded #150 - Triple The Fun(d)

Insights for the week of June 24, 2024

Security, Funded is a weekly deep dive into cybersecurity funding and industry news captured and analyzed by Mike Privette. This week’s issue is presented together with iVerify, Tines, and Outpost24.

Hey there,

I hope you had a great weekend, and Happy Q3 to all those who celebrate.

Speaking of celebrations, this week’s issue marks THREE YEARS of writing this newsletter! 🤯 

I could have never imagined this many people would be reading what I wrote every week, let alone for this long. A huge THANK YOU to everyone who encouraged and supported me along the way! You all are the reason that keeps me grinding, so let us continue to get this bread, fam. 😤 👊 

If you want to go back in time, you can see the first issue here. It was just a guy and a spreadsheet living the dream. 🥹

Here’s to three more years and 150 more issues! 🍻 

Onward to this week's issue.


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Credential theft is now the leading cause of data breaches, and attackers are focused on mobile devices where security is less stringent, and people often let their guard down. A staggering 71% of employees’ personal phones contain corporate credentials, and 50% of all employee phones will be successfully phished!

iVerify EDR empowers security teams to take immediate and automatic action against smishing attacks and compromised mobile phones with access to corporate data.

😎 Vibe Check

Who do you think will "win" the AI Security game?

Login or Subscribe to participate in polls.

Last issue’s vibe check:
How do you anticipate the economic climate will impact your cybersecurity strategy in the next 12 months?
🟩🟩🟩🟩🟩🟩 💰 Increased investments in response capabilities (13)
🟨🟨⬜️⬜️⬜️⬜️ 👯‍♂️ Increase in hiring (5)
🟨⬜️⬜️⬜️⬜️⬜️ 3️⃣ More third-party services (4)
🟨🟨🟨🟨⬜️⬜️ ⏱️ Delay in planned projects or doing less (9)
🟨⬜️⬜️⬜️⬜️⬜️ 🔌 Other (tell me) (3)
34 Votes

Last week, it was all about responding and doing more with less, a recurring theme for many in the industry over the past few years. Getting breached is an inevitability (not only because cyber teams are getting leaner), so it’s all about how you respond.

Some of the top comments from last week:

"Do more with less!"

“Since my head cyber department got sack due to reduce budget, the current situation make everything is kept at minimum.”

💰 Market Summary

  • 12 companies raised $254.1M across 9 unique product categories in 3 countries

  • 3 companies were acquired or had a merger event across 2 unique product categories

  • 100% of funding went to product-based cybersecurity companies

  • No public cyber company had an earnings report

📸 YoY Snapshot

This is a rolling 12-week chart comparing funding and acquisitions each week in a year-over-year (YoY) view between 2023 and 2024.

We are halfway through 2024 now and the cybersecurity industry, as well as the broader tech industry, is showing strong signals. All signs point up and to the right for the cyber industry with late-stage rounds still going on a tear and with valuations starting to head back up again.

M&A activity continues on a solid pace just slightly behind where we were this time last year. What’s different about this year is that the first half of 2024 is already at 85% of the total transaction value from 2023, so it’s already a record-breaking year!

🤙 Earnings Reports

Here are notable earnings reports from public cybersecurity companies. This section is Powered by Quartr, where I track all the latest earning reports.

Earnings reports this week: None

See the public cyber company tracker, which shows all public cybersecurity companies worldwide, along with market data, funding raised, product categories, and more.


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Implementation is fast and easy. One Tines customer, Mars, migrated 100% of their workflows from a legacy SOAR platform in a few months, and achieved coverage of 80-90% of sources for true positives in weeks.

🧩 Funding By Product Category

  • $112.2M for Application Security Testing (AST) across 1 deal

  • $77.0M for Data Protection across 2 deals

  • $23.0M for Identity and Access Management (IAM) across 2 deals

  • $14.3M for Distributed Ledger Technology (DLT) Security across 1 deal

  • $12.0M for Mobile Device Security across 1 deal

  • $7.0M for Confidential Computing across 2 deals

  • $4.0M for Artificial Intelligence (AI) Security across 2 deals

  • $2.8M for Quantum Security across 1 deal

  • $1.8M for Fraud and Financial Crime Protection across 1 deal

🏢 Funding By Company

  • PortSwigger (the makers of BurpSuite), a United Kingdom-based web application security testing platform, raised a $112.2M Private Equity Round from Brighton Park Capital. (more)

  • Odaseva, a United States-based data protection platform for Salesforce applications, raised a $54.0M Series C from Silver Lake Waterman. (more)

  • Cloudian, a United States-based file and object data protection platform for S3 buckets, raised a $23.0M Private Equity Round from Morgan Stanley Expansion Capital. (more)

  • Cube3.ai, a United States-based platform for protecting smart contracts against malicious transactions, raised a $14.3M Venture Round. (more)

  • AuthZed, a United States-based application authorization and authentication platform, raised a $12.0M Series A from General Catalyst. (more)

  • iVerify, a United States-based mobile threat hunting platform, raised a $12.0M Series A from Shine Capital. (more)

  • authID, a United States-based identity and authentication as a service platform, raised an $11.0M post-IPO equity round.

  • HUB Security, an Israel-based confidential computing platform, raised a $5.0M post-IPO equity round and a $2.0M post-IPO debt round. (more)

  • HydroX AI, a United States-based artificial intelligence (AI) security and safety platform, raised a $4.0M Angel from Vitalbridge Capital. (more)

  • Cavero Quantum, a United Kingdom-based quantum-resistant encryption key distribution platform, raised a $2.8M Seed from Foresight Group. (more)

  • CYBERA, a United States-based threat intelligence platform protecting against financial crime, raised a $1.8M Venture Round. (more)

  • Co Guard, a Canada-based platform using LLMs to assess the security posture of infrastructure services, raised an undisclosed Grant from OpenAI. (more)

🌎 Funding By Country

  • $132.1M for the United States across 8 deals

  • $115.0M for the United Kingdom across 2 deals

  • $7.0M for Israel across 2 deals

  • An undisclosed amount for Canada across 1 deal

🤝 Mergers & Acquisitions

📚 Great Reads

*A message from our sponsor

🧪 Labs

The journey is the destination.

How was this week's newsletter?

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Data Methodology and Sources

  • All of the data is captured point-in-time from publicly available sources.

  • All financial figures are converted to U.S. dollars (USD) when collected.

  • Company country locations are pulled from publicly available sources.

  • Companies are categorized using our system at Return on Security, and we write all the company descriptions.

  • Sometimes, the details about deals, like who led the round, how much money was raised, or the deal stage, might get updated after the issue is first published.

  • Let us know if you spot any errors, and we’ll fix them.

About Return on Security

Return on Security is all about breaking down the cybersecurity industry for you with expert analysis, hard facts, and real-life stories. The goal? To keep security pros, entrepreneurs, and investors ahead in a fast-moving field. Read more about the “Why” here.

Feel free to borrow any data, charts, or advice you find here. Just make sure to give a shoutout to Return on Security when you do.

Thank you for reading. If you liked this analysis, please share it with your friends, colleagues, and anyone interested in the cybersecurity market.

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