💰Security, Funded #58 - More deals going private, a really low week in funding, and getting creative
The Security, Funded newsletter issue #58 - Global cybersecurity funding and M&A news from the week of August 22nd, 2022.
Table of Contents
I hope you had a great weekend!
A big shout out goes to the GreyNoise and Krit teams for their recent acquisition! Krit was a driving force for much of the UI/UX experience of GreyNoise and why it has been such a big hit with the cybersecurity community at large.
GreyNoise liked Krit so they put a ring on it and this kind of vertical integration was a real big brain move. 🧠
I would not be surprised if we continue to see more non-traditional acquisitions in this space as founders are challenged to be more creative and conservative with the usage of their funds in this compressed environment.
In this week's issue
- More deals are going private
- The lowest week of funding to date
- Getting creative with vertical integration
Let's dive in.
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📊 Market News
- Global Cyber Security Market Size to Reach $478.7B by 2030 (more)
- Penetration Testing Market Worth $2.7B By 2027 (more)
- Cyber Security Insurance Market May See a Big Move (more)
💰 Funding Summary
- 9 companies raised $29.1M across 9 unique product categories
- 3 companies were acquired or had a merger event across 3 unique product categories
🧩 Funding by Product Category
- $14.0M for Privacy
- $6.7M for Cyber Insurance
- $5.0M for Secure Collaboration and Messaging
- $2.4M for Identity and Access Management (IAM)
- $999.7K for Cybersecurity Education & Training
- An undisclosed amount for Managed Detection and Response (MDR)
- An undisclosed amount for Data Protection
- An undisclosed amount for Cloud Security
- An undisclosed amount for Attack Surface Management (ASM)
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🏢 Funding By Company
- Privado, a platform that lets developers discover and understand PII data usage in their code, raised a $14.0M Series A from Insight Partners and Sequoia Capital. (more)
- Latú Seguros, a cyber risk insurance provider, raised a $6.7M Pre-Seed.
- Comm Technologies, an encrypted chat platform for Web3 applications, raised a $5.0M Seed from CoinFund. (more)
- BalkanID, an identity governance and management platform, raised a $2.4M Seed from MGV and NKM Capital. (more)
- Forge Institute, a training academy to upskill the next generation of the cybersecurity workforce, raised a $999.7K Grant from U.S. Small Business Administration. (more)
- BoundaryX, a cloud security platform, raised an undisclosed Seed from Shanghai Xinfan Asset Management
- Lumifi Cyber, a managed detection and response (MDR) service provider, raised an undisclosed Private Equity Round from HCAP Partners. (more)
- Procenne, a data protection company providing hardware and software cryptography modules, raised an undisclosed Corporate Round from Turkcell.
- Weilan Technology, an attack surface management (ASM) platform, raised an undisclosed Angel investment.
🤝 Mergers & Acquisitions
- Krit, a cybersecurity product and design agency, was acquired by GreyNoise Intelligence for an undisclosed amount. (more)
- Relay Platform, a cyber risk insurance company, was acquired by At-Bay for an undisclosed amount. (more)
- TECHTONE, a managed security services provider (MSSP), merged with Cyber Unit for an undisclosed amount. (more)
🔐 Secure The Job
If you're looking for new opportunities (actively or passively), I've got two ways to help:
- Return on Security Job Board - Browse the jobs I curate each week and apply for what matches your interests.
- Return on Security Talent Collective - If you're open to hearing about new opportunities, apply to my talent collective to get personally matched with high-growth, high-upside opportunities. You can join publicly or anonymously, and leave anytime. And it's completely free for candidates.
Are you hiring? Post a role or request access to start meeting world class candidates open to new opportunities. Learn more or request access here.
📆 Special Events
I'm on the CISO advisory board for DataTribe and they are a top-notch group, so you won't want to miss this if you're raising funds.
What could your company do with $2 Million?
The DataTribe Challenge is a unique annual competition that brings together the best entrepreneurs in the world looking to disrupt cybersecurity and data science. DataTribe selects three finalists that split $20,000 in prize money and one winner that could receive up to $2 million in seed capital.
Submissions Due: September 23rd, 2022. Enter here.
📚 Great Reads
- TikTok Browser Can Track Users’ Keystrokes, According to New Research - In the web browser used within the TikTok app, supplementary code lets the company track every character typed by users. The company said the capability was for troubleshooting.
- The case for a SaaS bill of materials - SaaSBOMs can provide greater visibility into the makeup of cloud-based software and infrastructure.
- Open-source Tools to Enhance Smart Contract Development Security - A breakdown of open-source tools for smart contract security auditing and development.
You can see the full list of curated posts across all issues here, and you can submit an article, post, tweet, or video here and it can show up in the newsletter!
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Have questions, comments, or feedback about this issue? I'd love to hear from you. Reach out on Twitter or reply directly to the newsletter version of this issue.
Thanks for reading!