This is the fourth issue of the Pro Reports roll-up series for the Security, Funded newsletter. I adjust this content often based on feedback, so if you see something you like or you feel something is missing, just let me know.
Let's dive in.
58 companies raised $2.9B (⬆️ from $2.4B in September)
Most funding again did not favor a specific industry, but growth in critical infrastructure and autonomous vehicles continues month-over-month. I would expect a continued rise in the ICS/CAVs space.
$2.7B was industry agnostic (⬆️ from $1.9B in September)
$202.4M for Industrial Control Systems
$20.0M for Military & Defense
$8.0M for Connected and Automated Vehicles (CAVs)
$5.6M for Social Networks
Software Security, Cloud Security, and Security Analytics lead the way in funding this month.
I predict in the next 6-12 months we will see a substantial increase in spending in the Privacy category.
Top 5 product categories by funding
$628.1M for Application Security
$396.3M for Cloud Security
$292.0M for Security Analytics
$250.0M for Cloud Security Posture Management
$233.4M for Data Protection
$225.0M for IoT Security
$222.0M for Threat Intelligence
$118.5M for Identity and Access Management
$90.0M for Managed Services Provider (MSP)
$60.8M for Privacy
$60.0M for Data Governance
$51.2M for Cybersecurity Consulting
$50.0M for Endpoint Detection and Response
$40.0M for Network Security
$30.0M for Physical Security
$30.0M for Breach & Attack Simulation
$20.0M for Operational Technology (OT) Security
$20.0M for Cyber Insurance
$19.5M for Cloud Management Platform
$16.6M for AI Security
$8.9M for Security Awareness
$8.0M for Connected and Autonomous Vehicle Security (CAVS)
$7.0M for Third-Party Security
$5.6M for Social Network Security
$5.3M for Supply Chain Security
$3.3M for Attack Surface Management
$840.0K for Deception Technology
An undisclosed amount for Firmware Security
An undisclosed amount for Anti-Phishing
By Lead Investor
The top 5 lead investors or investor teams.
Summit Partners - $625,000,000.00
TCV - $250,000,000.00
Greenoaks Capital- $250,000,000.00
Madrone Capital Partners - $200,000,000.00
Lightspeed Venture Partners - $200,000,000.00
The companies that I'm the most excited about this month and the ones I think have the most potential to disrupt or take a big market share.