- Return on Security
- 🎄 Security, Funded #73 - See ya next year, a new kind of (ad)venture, and the last batch of public cyber earnings
🎄 Security, Funded #73 - See ya next year, a new kind of (ad)venture, and the last batch of public cyber earnings
Deck these halls with this bread 🥖
I hope you had a great weekend!
In this week's issue:
See ya next year
A new kind of (ad)venture
The last batch of public cyber earnings
SentinelOne beat year over year revenue by 106% and grew total customers by ~55%
HashiCorp beats earning and their grew revenue 52% year over year
If you tuned in for last week's issue, you'll remember I called out how managed services would have a deeper (or renewed) focus for cybersecurity companies going into 2023.
SentinelOne discussed how channel growth partnerships via MSSPs has been "a highly strategic go-to-market motion” especially as "more and more of [the] business is moving upstream."
The number don't lie either as SentinelOne's customer growth flies in the face of what other public cybersecurity companies have been seeing (less new customers, but going deeper with existing customers).
On the HashiCorp side, the company has always grown on the strength of their integrations and this last earnings report was no exception.
HashiCorp has consistently built an ecosystem around plugging-n-playing with the cloud heavyweights and winning Security Partner of the Year from AWS is clear sign their strategy has paid off. HashiCorp saw revenue growth from being deeply embedded in cloud infrastructure and application growth and on the backs of all the zero trust initiatives that got focus this year. I expect this trend to continue accelerating in 2023.
Also, just a heads up that this will be the last Security, Funded issue of 2022. 🙀 I'll be taking a break for the holidays and I hope you get to do the same.
Outside of spending time with the family and watching lots of Christmas movies, I plan to spend some of the downtime planning for next year, catching up on reading, and maybe doing a little bit of writing (whilst having an egg nog or two 🍻).
I'll see you back again on Tuesday, January 3rd, 2023 since that Monday is an observed holiday in the US.
Onward to this week's issue.
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💰 Funding Summary
18 companies raised $304.1M across 13 unique product categories
5 companies were acquired or had a merger event across 3 unique product categories
🧩 Funding by Product Category
$200.0M for Continuous Compliance
$36.0M for Managed Security Services Provider (MSSP)
$13.0M for Privileged Access Management (PAM)
$12.8M for Data Protection
$8.7M for Identity Threat Detection and Response (ITDR)
$8.5M for Threat and Risk Prioritization
$8.0M for Data Privacy
$7.0M for Identity and Access Management (IAM)
$5.5M for Cybersecurity Education & Training
$4.3M for Attack Surface Management (ASM)
$185.0K for Third-Party Risk Management
$104.6K for Cyber Insurance
An undisclosed amount for Blockchain Security
🏢 Funding By Company
Second Front Systems, a United States-based managed secure software deployment platform focused on the government sector, raised a $32.0M Series A from Moore Strategic Ventures and AEI Horizon X. (more)
Protopia AI, a United States-based platform for making sensitive data available for AI/ML use cases in privacy-preserving manner, raised a $6.0M Seed from Silverton Partners, Galaxy Interactive, DNX Ventures and ATX Venture Partners. (more)
Protopia AI, a United States-based platform for making sensitive data available for AI/ML use cases in privacy-preserving manner, raised a $2.0M Pre-Seed from Silverton Partners, Galaxy Interactive, and DNX Ventures. (more)
Venseca, a United States-based third-party supply chain risk platform, raised a $185.0K Seed from Ben Franklin Technology Partners of Northeastern Pennsylvania.
🌎 Funding By Country
$264.4M for United States 🇺🇸
$13.0M for Brazil 🇧🇷
$12.8M for Ireland 🇮🇪
$7.0M for Israel 🇮🇱
$4.3M for Switzerland 🇨🇭
$2.5M for New Zealand 🇳🇿
$104.6K for The Netherlands 🇳🇱
An undisclosed amount for Singapore 🇸🇬
An undisclosed amount for China 🇨🇳
🤝 Mergers & Acquisitions
🔐 Secure The Job
Browse the jobs I curate each week and apply for what matches your interests.
Post a role and request access to start meeting world-class candidates open to new opportunities. Learn more or request access here.
📊 Industry News
📚 Great Reads
Why are CISOs resigning? - In the era of increased cybercrime, CISO roles are too critical to protect economic institutions, government websites, critical infrastructure etc. Unfortunately, CISO`s are quitting.
My Must Read List - None of these books are specifically about the cybersecurity field, but all of these books have helped me become a better tech and cybersecurity person.
Looking to up your CISO game? Check out Talking Heads by Seedata.io!In a world where AI can generate content like it's nobody's business, we at Seedata.io still believe in the power of having awesome convos with awesome people. Let's get real, nothing beats a good chat. So, we’re launching “Talking Heads”, where we will be interviewing CISOs (and other roles that interact with CISOs) to share best practices and insider knowledge on how to be a great CISO.And in true "eating our own dog food" fashion, the first episode is with none other than our own CTO, Matt Holland! With many years of CISO experience under his belt, offers his first-hand insights on what it takes to excel in this critical role.Check out the first episode
Continuing on the OpenAI theme, I asked DALL-E 2 to make an image from the meta text from this issue and got back this terrifying interesting image that I think nicely sums up the venture capital space nicely 😳
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Thanks for reading and see you again next time!