💰 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.

Mike P
Mike P

Table of Contents

Hey there,

Happy Monday, and I hope you had a great weekend!

In this week's issue:

  • Conference Corn🌽
  • 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!

Signal v. Noise in the RSA Innovation Sandbox
Discover RSA Innovation Sandbox’s impact on cybersecurity startups, explore winner outcomes, anti-portfolio insights, and key observations to understand its industry significance.

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

  • Ukraine's cyber defense against “unprecedented” Russian offensive (more)
  • Thoma Bravo Sponsors Launch of Industry Group to Advance Cybersecurity Sector (more)
  • These two marketing pros are filling a gap in the cybersecurity industry (more)

📅 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

🌎 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

  • LookingGlass Cyber Solutions, a United States-based external attack surface management platform, was acquired by ZeroFox for $26.0M. (more)
  • CloudComputing, a Portugal-based managed security services provider (MSSP), was acquired by Allurity for an undisclosed amount. (more)
  • CWL Systems, a United Kingdom-based managed security services provider (MSSP), was acquired by Atech Cloud for an undisclosed amount. (more)
  • MMC, a South Africa-based managed security services provider (MSSP), was acquired by +OneX for an undisclosed amount. (more)
  • Neosec, a United States-based API security platform, was acquired by Akamai Technologies for an undisclosed amount. (more)
  • SECUDE International, a Switzerland-based managed security services provider (MSSP), was acquired by Peakstone Growth Partners for an undisclosed amount. (more)
  • Securix, a Switzerland-based managed security services provider (MSSP), was acquired by Allurity for an undisclosed amount. (more)
  • Yubico, a United States-based hardware-based multi-factor authentication (MFA) device company, merged with Acq Bure for an undisclosed amount for future plans of an IPO via SPAC. (more)

📚 Great Reads


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