💰 Security, Funded #94 - Cyber Money is Bulking Up💪

Hey there,

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

🎯 The Rundown

• First DPSM company gets acquired
• Meta gets a mega EU privacy fine
• Montana tells TikTok to skedaddle
• A quiet week for earnings
• SMBs still struggling for cyber talent
• Cyber funding gets physical
• 20 companies raised funding, 8 companies acquired

Onward to this week's issue.

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🔮 Earnings Reports 🆕

None to report on from last week, but I’ll be checking out the upcoming calls for Palo Alto, KnowBe4, ZeroFox, and Zscaler coming next week, so stay tuned!

🛞 Industry News Roundup

• 61% of mid-sized businesses do not have dedicated cybersecurity experts (more)
• Montana becomes the first US state to ban TikTok (more)
• Meta is facing a record EU data privacy fine (more)

📅 YTD Funding

A rolling 12-week chart to compare funding each week between 2022 and 2023.

Funding got a huge boost this last week off the back of heavy investment in physical security, which often comes with large rounds. YTD funding is still down ~32%, and YoY funding is down ~37%, even with 20 investments last week.

💰 Funding Summary

• 20 companies raised $384.0M across 14 unique product categories
• 8 companies were acquired or had a merger event across 7 unique product categories for $63.5M

🧩 Funding By Product Category

• $192.0M for Physical Security across 2 deals
• $81.0M for Blockchain Security across 2 deals
• $60.0M for Managed Detection and Response (MDR) across 1 deal
• $23.5M for Software Supply Chain Security across 3 deals
• $6.0M for Secure Remote Access across 1 deal
• $6.0M for Data Protection across 1 deal
• $6.0M for Cyber Insurance across 1 deal
• $5.5M for Cybersecurity Education & Training across 1 deal
• $4.0M for Managed Security Services Provider (MSSP) across 3 deals
• An undisclosed amount for Secure Collaboration and Messaging across 1 deal
• An undisclosed amount for Internet of Things (IoT) Security across 1 deal
• An undisclosed amount for Identity and Access Management (IAM) across 1 deal
• An undisclosed amount for Continuous Compliance across 1 deal
• An undisclosed amount for Cloud Security Posture Management (CSPM) across 1 deal

🏢 Funding By Company

• Eagle Eye Networks, a United States-based cloud-based building security access management platform, raised a $100.0M Private Equity Round from SECOM. (more)
• Brivo, a United States-based cloud-based building security access management platform, raised a $92.0M Private Equity Round from SECOM. (more)
• Auradine, a United States-based secure infrastructure for blockchain-based applications, raised $81.0M, a $71.0M Series A from Celesta Capital and Mayfield Fund, and a $10.0M Debt Financing round. (more)
• Huntress, a United States-based managed detection and response (MDR) platform that stops hidden threats, raised a $60.0M Series C from Sapphire Ventures. (more)
• Stacklok, a United States-based software supply chain security platform, raised a $17.5M Series A from Accel. (more)
• Cork, a United States-based cyber insurance for the managed service provider (MSP) market, raised a $6.0M Seed from DVx Ventures. (more)
• Entro, an Israel-based access token and secrets management platform, raised a $6.0M Seed from StageOne Ventures and Hyperwise Ventures. (more)
• Lumeus.ai, a United States-based secure remote access platform, raised a $6.0M Seed from Tola Capital. (more)
• Manifest, a United States-based software supply chain security platform, raised a $6.0M Seed from First Round Capital. (more)
• Hook Security, a United States-based cybersecurity awareness and training company, raised a $5.5M Seed from TampaBay.Ventures. (more)
• CISO Global (formerly Cerberus Sentinel), a United States-based managed compliance and cybersecurity services company, raised a $4.0M Post-IPO Equity round. (more)
• Hackmetrix, a Chile-based continuous compliance platform, raised an undisclosed Seed from MatterScale Ventures.
• Hanko, a Germany-based authentication and user management building blocks for developers, raised an undisclosed Venture Round from adesso ventures. (more)
• International Internet Security, a Canada-based managed security services provider (MSSP), raised an undisclosed Pre-Seed.
• NexusTek, a United States-based managed security services provider (MSSP), raised an undisclosed Private Equity Round from A&M Capital Strategic Investments.
• Octiga, an Ireland-based platform helping MSSPs manage the security posture of customer Office 365 environments, raised an undisclosed Seed from Prep4Seed.
• Ox Security, an Israel-based software supply chain security and risk management platform, raised an undisclosed Non-Equity Assistance from Intel Ignite. (more)
• SpiderOak, a United States-based secure messaging and collaboration platform, raised an undisclosed Venture Round from Accenture Ventures, RTX Ventures, and Stellar Ventures. (more)
• WingShield, a China-based Internet of Things (IoT) security platform, raised an undisclosed Corporate Round from Integrity Tech.

🌎 Funding By Country

• $378.0M for United States across 13 deals 🇺🇸
• $6.0M for Israel across 2 deals 🇮🇱
• An undisclosed amount for China across 1 deal 🇨 🇰�🇨
• An undisclosed amount for Ireland across 1 deal 🇮🇪
• An undisclosed amount for Germany across 1 deal 🇩🇪
• An undisclosed amount for Chile across 1 deal 🇨🇱
• An undisclosed amount for Canada across 1 deal 🇨🇦

🤝 Mergers & Acquisitions

• Polar Security, an Israel-based data security posture management (DSPM) platform, was acquired by IBM for $60.0M. (more)
• Cyren, a United States-based cyber threat intelligence and malware detection platform, was acquired by Data443 for $3.5M. (more)
• Corporate Armor, a United States-based cybersecurity technology and software reseller, was acquired by BlueAlly for an undisclosed amount. (more)
• CST, a United States-based managed services provider (MSP), was acquired by The 20 MSP for an undisclosed amount. (more)
• Curity, a Sweden-based API authentication and security platform, was acquired by GRO Capital for an undisclosed amount. (more)
• Eclectic IQ, a Netherlands-based cyber threat intelligence and hunting platform, was acquired by ReliaQuest for an undisclosed amount. (more)
• ICCS, a United States-based managed security services provider (MSSP), was acquired by NexusTek for an undisclosed amount. (more)
• Ion Channel, a United States-based software supply chain security platform, was acquired by Exiger for an undisclosed amount. (more)

📚 Great Reads

• The AI Attack Surface Map v1.0 - My friend Daniel Miessler created an awesome resource framework for thinking about how to attack AI systems. Super helpful context on how to think about attacks against AI systems and LLMs. This is groundbreaking stuff here.
• The History and Risks of the “.zip” TLD from Google - A history and a breakdown of “.zip” top-level domain (TLD) from Google and what it means from an attacker’s perspective.
• BSidesSF 2023 Conference Playlist - Check out all of the recorded talks from this year's BSidesSF 2023 conference.

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