💰 Security, Funded #78 - Inside Baseball, More Corporate Venture Capital, and Cybersecurity Workers are Still in Demand

Hey there,

I hope you had a great weekend!

In this week's issue:

• Inside Baseball
• More corporate venture capital
• Cybersecurity workers are still in demand

Microsoft’s security business is running at $20.0B (😳) a year business, Tenable launched a venture capital arm, demand for cybersecurity workers remains strong, and I got the chance to speak candidly to investors and cybersecurity startup founders last week.

Some of the topics at the event that was on the minds of investors and founders alike:

• What is the current state of cybersecurity buying at companies today?
• Should founders be trying to sell directly to the CISO?
• How are the cloud service providers (CSPs) perceived when it comes to security offerings?
• How is cyber insurance evolving?
• How important are Gartner reports and how much weight do they carry with buyers?
• What are the latest problems and trends worth keeping an eye on (from both a product and investment standpoint)?

And a lot of other off-the-cuff topics. It was a great event with a lot of inside baseball shared all around. Hearing all the dialogue let me know that both sides of the market, investors and founders, and trying even harder to innovate and stand out from the competition in this challenging environment.

Thanks to Blu Ventures and Link Ventures for the invite!

Onward to this week's issue.

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📊 Industry News

• Cyber Security Sector to Reach $657.02 Billion by 2030 (more)
• Despite slowing economy, demand for cybersecurity workers remains strong (more)
• APAC's Cybersecurity M&As Dropped Last Year (more)

💰 Funding Summary

• 17 companies raised $263.2M across 13 unique product categories
• 5 companies were acquired or had a merger event across 5 unique product categories for $32.8M

🧩 Funding By Product Category

• $60.0M for Data Protection
• $55.0M for Digital Forensics and Incident Response (DFIR)
• $50.0M for Secure Networking
• $32.6M for Risk Quantification
• $26.0M for Identity and Access Management (IAM)
• $25.0M for Application Security
• $9.8M for Fraud and Financial Crime Protection
• $3.3M for Managed Security Services Provider (MSSP)
• $1.5M for Professional Services
• An undisclosed amount for Threat Detection and Response (TDR)
• An undisclosed amount for Software Supply Chain Security
• An undisclosed amount for Identity Governance
• An undisclosed amount for Breach & Attack Simulation (BAS)

🏢 Funding By Company

• Cloudian, a United States-based file and object data protection platform, raised a $60.0M Venture Round from Digital Alpha. (more)
• Cygnvs, a United States-based incident response management platform, raised a $55.0M Series A from Andreessen Horowitz. (more)
• Forward Networks, a United States-based secure networking platform, raised a $50.0M Series D from MSD Partners. (more)
• Egerie, a France-based cyber risk quantification and management, raised a $32.6M Venture Round from Banque des Territoires, Open CNP, TIIN Capital, and Tikehau Capital. (more)
• Strata Identity, a United States-based identity and access management (IAM) orchestration platform, raised a $26.0M Series B from Telstra Ventures, Menlo Ventures, and Forgepoint Capital. (more)
• Snyk, a United States-based developer security platform for securing code, raised a $25.0M Series G from ServiceNow. (more)
• Spec, a United States-based fraud and financial crimes protection platform, raised a $5.4M Venture Round.
• Salv, an Estonia-based anti-money laundering (AML) and financial crimes platform, raised a $4.4M Seed from ff Venture Capital. (more)
• Whizhack, an India-based managed security services provider (MSSP), raised a $3.0M Seed from SAA Capital and Vedswasti Holdings. (more)
• PrivaSapien, an India-based professional services firm focused on privacy risk assessments and mitigations, raised a $980.0K Seed from Omidyar Network India. (more)
• CipherPoint, an Australia-based professional services firm focused on cybersecurity strategy and risk, raised a $533.0K Post-IPO Equity from Cumulus Wealth and Peak (more)
• VISO Cyber Security, an Ireland-based managed security services provider (MSSP), raised a $272.0K Funding Round. (more)
• Authomize, an Israel-based automated access and authorization governance platform, raised an undisclosed Venture Round from Tenable Ventures.
• Avertro, an Australia-based managed security services provider (MSSP) for small and medium businesses, raised an undisclosed Non-Equity Assistance from Tampa Bay WaVE. (more)
• Hadrian, a Netherlands-based breach and attack simulation (BAS) company, raised an undisclosed Venture Round from ABN AMRO Ventures. (more)
• Lineaje, a United States-based software supply chain security platform, raised an undisclosed Seed from Tenable Ventures.
• MedCrypt, a United States-based medical device threat monitoring and data security platform, raised an undisclosed Series B from Dexcom Ventures. (more)

🌎 Funding By Country

• $221.4M for United States 🇺🇸
• $32.6M for France 🇫🇷
• $4.4M for Estonia 🇪🇪
• $4.0M for India 🇮🇳
• $533.3K for Australia 🇦🇺
• $271.9K for Ireland 🇮🇪
• An undisclosed amount for The Netherlands 🇳🇱
• An undisclosed amount for Israel 🇮🇱

🤝 Mergers & Acquisitions

• Dragonfly, a United Kingdom-based threat intelligence platform, was acquired by FiscalNote for $32.8M.
• Beryllium, a United States-based professional services firm focused on securing the defense sector, was acquired by Bema Capital Investments for an undisclosed amount
• GuardSight, a United States-based managed security services provider (MSSP), was acquired by Iron Bow for an undisclosed amount. (more)
• OGiTiX, a Germany-based identity and access management (IAM) platform, was acquired by CDI Global for an undisclosed amount.
• SUPERAntiSpyware, a United States-based anti-spyware and anti-malware application, was acquired by RealDefense for an undisclosed amount.

📚 Great Reads

• Three Venture Opportunities Stand Out In Cybersecurity For Web3 - So long as Web3 assets with enough political, social, and economic meaning exist, cybersecurity attacks and scams will persist.
• Awesome Security GRC - A Github repo from Ayoub Fandi for security Governance, Risk, and Compliance (GRC) resources, definitions, tasks, and concepts. This a helpful repo if you work in or around the GRC field in cybersecurity.
• Cybersecurity interview with ChatGPT - In part one of CyberWire’s Interview with the AI, Brandon Karpf interviews ChatGPT about topics related to cybersecurity. Rick Howard joins Brandon to analyze the conversation and discuss potential use cases for the cybersecurity community.

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