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.
Overall
58 companies raised $2.9B (⬆️ from $2.4B in September)
By Industry
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
By Category
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
Most Potential
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.