Table of Contents
This is the seventh issue of the Pro Reports roll-up series for the Security, Funded newsletter and the first of 2022. As a Pro Member, you get access to additional analysis from the free newsletter with additional insights from me.
Let's dive in.
- 55 companies in 28 product categories raised $1.79B in January 2022 (up from $1.7B in December 2021)
Most funding again did not favor a specific industry, but a significant amount again went towards the Industrial Control Systems (ICS) vertical.
- $1.64B for No Industry
- $153.0M for Industrial Control Systems (ICS)
- 1Password, a password management platform, raised a $620.0M Series C.
- Pentera, an automated security validation platform, raised a $150.0M Series C.
- SparkCognition, an AI platform aimed at protecting operational technology (OT) environments, raised a $123.0M Series D.
- HUMAN, a platform helping to defend against bot impersonation attacks, raised a $100.0M Private Equity Round.
- Island, a secure remote browser isolation platform, raised a $100.0M Series A.
- SoSafe, a cybersecurity awareness platform, raised a $73.0M Series B.
- PlexTrac, a purple-team platform focusing on vulnerability management and risk prioritization, raised a $70.0M Series B.
- Hunters, a cloud-native extended detection and response (XDR) platform, raised a $68.0M Series C.
- Virtru, an encryption and data privacy platform, raised a $60.0M Series C.
- Anitian, a platform offering pre-engineered and automated infrastructure environments, raised a $55.0M Series B.
- HackerOne, a platform that connects businesses with penetration testers and cybersecurity researchers, raised a $49.0M Series E.
- Censys, an attack surface management (ASM) platform, raised a $35.0M Series B.
- Banyan Security, a zero trust network access platform, raised a $30.0M Series B.
- Xage Security, a blockchain-protected security platform for the Industrial Internet of Things (IIoT), raised a $30.0M Series B.
- Mostly AI, a privacy-focused synthetic data platform, raised a $25.0M Series B.
- Portnox, a network access control (NAC) platform, raised a $22.0M Series A.
- PQShield, a company helping companies elevate their cryptography to quantum-safe standards, raised a $20.0M Series A.
- Talon Cyber Security, a remote browser isolation platform, raised a $17.0M Seed.
- Ockam, a developer platform for secure API connections, authentication, and cryptography, raised a $12.5M Series A.
- Cerby, a platform that lets companies securely manage access to SaaS applications, raised a $12.0M Seed.
- Yogosha, a crowdsourced bug bounty platform, raised a $11.1M Series A.
- Permiso Security, an identity and access runtime visibility platform for the cloud, raised a $10.0M Seed.
- Binalyze, a cloud and container forensics investigation platform, raised a $10.0M Seed.
- Polar Security, a data security posture management (DSPM) platform, raised a $8.5M Seed.
- Eureka Security, a cloud data security posture management platform, raised a $8.0M Seed.
- Pimloc, a platform that protects sensitive or personal data in videos, raised a $7.5M Seed.
- Scribe Security, a software supply chain security platform, raised a $7.0M Seed.
- Fleet Device Management, an open source device management and endpoint security platform, raised a $5.0M Seed.
- FortifyData, a cyber risk management platform, raised a $5.0M Series A.
- NVISIONx, a data classification and risk ranking platform, raised a $4.6M Seed.
- CYSEC, a secure containerized data security platform, raised a $4.4M Seed.
- KYND, a continuous risk management platform, raised a $4.4M Venture Round.
- Pixm, an AI-based browser extension detects and stops credential phishing, raised a $4.3M Seed.
- Cloaked, a consumer-first privacy company that enables individuals to take control of their personal data, raised a $4.0M Seed.
- Baobab, a cyber insurance company, raised a $3.9M Pre-Seed.
- Evo Security, a managed identity and access management platform for MSSPs, raised a $3.9M Seed.
- Anonybit, a decentralized biometric identification platform, raised a $3.5M Seed.
- Cynomi, a virtual CISO (vCISO) platform that helps establish security programs and risk reduction strategies for mid-market companies, raised a $3.5M Seed.
- AaDya Security, a managed security services provider (MSSP) focusing on small-to-mid-sized businesses (SMBs), raised a $3.1M Seed.
- TrojAI, an artificial intelligence (AI) platform to help protect against cyber attacks, raised a $2.9M Seed.
- Saporo, an attack surface management (ASM) platform, raised a $2.7M Pre-Seed.
- Springdel, a mobile device management (MDM) security platform, raised a $2.0M Seed.
- ECSC Group, a managed security services provider (MSSP), raised a $1.3M Post-Debt IPO.
- Securify, a cybersecurity company focused on artificial intelligence and behavioral biometrics, raised a $800K Seed.
- Palqee Technologies, a data privacy rights management platform, raised a $300.0K Pre-Seed.
- RYN File, a cloud-based file encryption-as-a-service platform, raised a $8.9K Convertible Note.
- Cufflink, a data protection company that shards and encrypts data, raised an undisclosed Non-equity Assistance Round.
- BizCarta India, a professional services firm focused on cybersecurity, raised an undisclosed Venture Round.
- Supply Wisdom, a third-party supply chain risk management and security platform, raised an undisclosed Venture Round.
- QNu Labs, a quantum-safe cryptography platform, raised an undisclosed Venture Round.
- CyberOwl, a cybersecurity analytics platform for Internet of Things (IoT) and Operational Technology (OT) assets, raised an undisclosed Venture Round.
- Lacework, a cloud security operations and threat intelligence platform, raised an undisclosed Venture Round.
- BigID, a platform using machine learning and identity intelligence to protect customer and employee data, raised an undisclosed Corporate Round.
- Cloud Range, a cybersecurity training and simulation platform, raised an undisclosed Seed.
- CensorNet, a cloud-based security platform for web filtering, email, and access to cloud applications, raised an undisclosed Series C.
- Lavelle Networks, a Software Defined WAN (SD-WAN) platform, raised an undisclosed Corporate Round.
Identity and Access Management (IAM) crushed funding last month led mostly by 1Password's mega-round (though not the largest we've seen).
IoT Security has another large month of funding, followed by penetration testing (which I hardly see get funding), and Threat & Vulnerability Management (TVM).
The TVM space has grown significantly under a new spin on managing vulnerabilities. The name of the game now is "prioritization." It's all about helping companies risk-rank and prioritize their vulnerabilities in the way that works best for them.
The operator side of me says:
This could be really useful to get the right level of support and momentum to remediate internally. You need a pragmatic and actionable way to remediate the risks that have the potential to actually burn you, regardless of what a score says.
The investor side of me says:
Customers will love the flexibility here to tell their own story, and who doesn't love the ability to create rankings and lists of 'X' things?
Remote Browser Isolation also came out of absolutely nowhere! Look for this to be on a fast and sharp rise.
- $742.8M for Identity and Access Management (IAM)
- $153.0M for IoT Security
- $150.0M for Penetration Testing
- $119.0M for Threat & Vulnerability Management (TVM)
- $117.0M for Remote Browser Isolation
The top 5 lead investors or investor teams.
- $620.0M for ICONIQ Growth
- $150.0M for K1 Investment Management
- $123.0M for AEI Horizon X, Alan Howard, B. Riley Financial, Doha Venture Capital, March Capital, Peter Löscher, Temasek Holdings
- $100.0M for WestCap
- $100.0M for Insight Partners, Sequoia Capital
The most acquired product categories this month.
Professional Services and Managed Services Provider (MSP) companies still lead.
We're now starting to see Attack Surface Management (ASM) consolidations as was predicted in the last pro report on that same topic.
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 (in no particular order):
Let me know what else you want to see in these reports and what other insights you're looking for.
The weekly newsletter recapping cybersecurity funding news.