💰 Security, Funded #90 - Conference Corn, RSA Innovation Sandbox, and the Smell of the Expo Floor in the Morning
A review of cybersecurity funding and industry news from the week of April 17th, 2023 from Mike Privette.
Happy Monday, and I hope you had a great weekend!
In this week's issue:
RSA Innovation Sandbox
The Smell of the Expo Floor in the Morning
Microsoft is developing its own AI chip, Meta is doing yet another round of layoffs, Twitter gets rid of the legacy verified blue checkmark and security people brace for a new wave of scams, BSides SF actually had some pretty tasty Conference Corn 🌽 for lunch, and I love the smell of the expo floor in the morning! 😤
Over the weekend, I had the chance to attend my first ever BSides SF, and it was the best BSides event I’ve been to. Extremely well run, a great venue with an amazing list of topics, and I got to meet a lot of other great security people in real life. 10/10 - would do it again.
Today the 2023 RSA Conference (RSAC) kicks off in San Francisco, and it always starts with the big RSA Innovation Sandbox event at the end of the first day.
Last week, Rami McCarthy and I teamed up to write an analysis of the history and outcomes of the RSA Innovation Sandbox challenge. Let us know what you think, and excited to see how the 2023 challenge shapes up!
Also, if you’re here at RSA this week and reading this issue, let’s meet up so I can give you a Security, Funded sticker!
I’ll also be wheeling and dealing with the remaining sponsorship spots I have for 2023 while here and maybe even opening up some of 2024 for the right partners. 👀 Let’s get this bread together, family. 🥖
Onward to this week's issue.
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Industry News Roundup
📅 YTD Funding
A rolling 12-week chart to compare funding each week between 2022 and 2023.
Q2 2023 funding has started off with a rebound 🏀 as compared to Q1 2023. Overall deal volume is relatively the same, and overall funding is only down ~13% so far as compared to the 54% drop (or a reversion to the mean prior to the zero interest rate phenomenon) we saw in Q1 2023.
💰 Funding Summary
16 companies raised $323.4M across 12 unique product categories
8 companies were acquired or had a merger event across 4 unique product categories for $26.0M
🧩 Funding By Product Category
$75.0M for Threat Detection and Response (TDR) across 1 deal
$58.4M for Application Security across 2 deals
$50.0M for Threat and Risk Prioritization across 1 deal
$50.0M for Endpoint Detection and Response (EDR) across 1 deal
$30.0M for Security Data Lake (SDL) across 1 deal
$25.0M for Breach & Attack Simulation (BAS) across 1 deal
$20.5M for Fraud and Financial Crime Protection across 3 deals
$12.0M for Data Access Governance across 1 deal
$2.5M for Data Privacy across 1 deal
An undisclosed amount for Managed Security Services Provider (MSSP) across 1 deal
An undisclosed amount for Connected and Autonomous Vehicle Security (CAVS) across 1 deal
An undisclosed amount for API Security across 1 deal
🏢 Funding By Company
lockr, a United States-based consumer-focused digital identity and consent management platform, raised a $2.5M Pre-Seed from Junction Venture Partners, Mozilla Ventures, and Grit Capital Partners. (more)
🌎 Funding By Country
$201.9M for United States across 11 deals 🇺🇸
$105.0M for Israel across 3 deals 🇮🇱
$16.5M for Spain across 1 deal 🇪🇸
An undisclosed amount for United Kingdom across 1 deal 🇬🇧
🤝 Mergers & Acquisitions
📚 Great Reads
Addressing the Security Risks of AI - The report starts from the premise that AI systems, especially those based on the techniques of machine learning, are remarkably vulnerable to a range of attacks.
More musings on data gravity, platform play, and the growing role of data lakes and cloud providers in cybersecurity - Addressing a few questions about data gravity and cybersecurity: role of cloud providers, data gravity and software security, AI, multi-cloud, and making a case for the emergence of a security data layer
Meet Chaos-GPT: An AI Tool That Seeks to Destroy Humanity - Chaos-GPT, an autonomous implementation of ChatGPT, has been unveiled, and its objectives are as terrifying as they are well-structured.
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