07 Jul VC Report, Vol. 5, No. 2: Cybersecurity Venture Capital Investments In The Latest Quarter

Startups and emerging players with fresh funding in the latest quarter

– Steve Morgan, Editor-in-Chief

Sausalito, Calif. – Jun. 30, 2020

There has been extensive speculation about the impact that the COVID-19 pandemic will have on the cybersecurity market. While many industries have experienced sharp declines in earnings, investment and activity, consumers need cybersecurity solutions now more than ever before. As we make a shift to working from home (and all the cybersecurity complications that entails), the industry must respond to new needs and new problems.

Although it’s too early to definitively say how the events of the past several months will impact the cybersecurity market, for now the data speaks for itself. Despite massive upheaval in many other sectors of the economy, there has been consistent deal flow in the cybersecurity space, and investors appear optimistic about this increasingly vital industry.

DEAL FLOW 

June 

Jun. 30. Hunters has raised $15 million in Series A funding. Investors include Microsoft’s venture fund M12, Silicon Valley high-tech venture investor U.S. Venture Partners, with participation by seed investors YL Ventures and Blumberg Capital, and Okta Ventures.

Jun. 29. Area 1 Security closed $25 million in growth funding led by new investors, ForgePoint Capital, along with current investors Kleiner Perkins, Icon Ventures and Top Tier Capital.

Jun. 29. Cynet announced it has closed an $18 million Series B+ funding round led by BlueRed Partners, joined by strategic investors, Deutsche Telekom and Merlin International, with additional participation from existing investors Norwest Venture Partners, Ibex Investors.

Jun. 23. Immuta announced that it has secured $40 million in funding. The Series C round was led by new investor Intel Capital, with participation from new investor Ten Eleven Ventures and existing investors DFJ Growth, Dell Technologies Capital, Greycroft, Drive Capital and Citi Ventures.

Jun. 23. SecurityGate.io raised a Series A funding round. The financing was led by Houston Ventures.

Jun. 17. Uptycs announced that it has raised $30M in Series B funding led by Sapphire Ventures, with participation from existing investors Comcast Ventures and ForgePoint Capital.

Jun. 17. CounterCraft announced it has secured $5 million in additional funding. The financing round was led by Adara Ventures, joined by new investors eCapital and The Red Eléctrica Group, with participation from existing investors including Evolution Equity, ORZA, and Wayra.

Jun. 16. Kasada raised $10 million in Series B funding. Cybersecurity venture capital specialist Ten Eleven Ventures led the round, joined by existing investors Main Sequence Ventures and Westpac’s venture capital arm, Reinventure.

Jun. 16. Salt Security announced that it has raised $20 million in Series A funding led by Tenaya Capital.

Jun. 16. Open Raven raised a $15 million Series A investment, bringing the company’s total funding to $19.1 million. Led by Kleiner Perkins with participation from existing investors including Upfront Ventures.

Jun. 11. Axio announced the close of funding led by Fin Venture Capital, IA Capital Group, and follow on participation from NFP Ventures.

Jun. 9. Upstream Security secured an expansion of its Series B funding with an investment by Salesforce Ventures. The undisclosed amount is in addition to $30 million previously invested by Alliance Venture Capital (Renault, Nissan, Mitsubishi), Hyundai, Nationwide Insurance, Volvo Group, and others.

Jun. 9. Concourse Labs emerged from stealth mode and announced $15.2 million in Series A funding. The round was led by ForgePoint Capital, with existing investors 83North and Capri Ventures participating.

Jun. 8. Edgescan announced that it has received a €10.5m investment from venture capital firm BGF and former senior IBM executive Bernie Waldron. BGF is backed by the Ireland Strategic Investment Fund, AIB, Bank of Ireland and Ulster Bank.

Jun. 8. INKY Technology Corporation announced a $20 million Series B round of funding, led by global venture capital and private equity firm Insight Partners.

May

May 29. Synack raised $52 million in Series D funding. New investors B Capital Group and C5 Capital co-led the round, bringing total funding to $112.1 million.

May 27. Expel Inc. has closed a $50 million Series D funding round. This funding round was led by Alphabet’s independent growth fund, CapitalG, with participation from existing investors.

May 26. Mati raised an equity round with Spero Ventures. Other contributors included Kima Ventures, Dorm Room Fund, and Blackhorn Ventures.

May 20. Coalition raised $90 million in Series C funding led by Valor Equity Partners. Felicis Ventures, Greyhound Capital, and all of Coalition’s existing investors also participated in the financing.

May 20. Aqua Security closed a Series D round of $30 million led by Greenspring Associates, with participation by Aqua’s existing investors — Insight Partners, Lightspeed Venture Partners, and TLV Partners. This investment brings Aqua’s total venture funding raised to more than $130 million.

May 19. Cyberbit Ltd. announced that Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners, has invested $70 million in the company.

May 13. Semperis announced $40 million in Series B funding. Global venture capital and private equity firm Insight Partners led the round with participation from existing investors.

May 7. Goldman Sachs Merchant Banking Division and ClearSky Cyber Security invested an undisclosed amount in the cybersecurity startup White Ops.

May 7. Hub Security closed a $5 million Series A funding round led by AXA Ventures, with participation from Jerusalem-based investment platform OurCrowd.

May 7. Dtex announced funding of $17.5 million led by Northgate Capital with additional participation from existing investors Norwest Venture Partners and Four Rivers Group.

May 6. DataTribe announced a $1.9 million investment in BlackCloak.

May 5. Orca Security has raised $20.5 million in Series A financing.

May 1. Resistant AI has secured a $2.75 million investment led by Index Ventures and Credo Ventures.

April 

Apr. 30. Accurics came out of stealth mode raising $5 million in funding. Backers included ClearSky, WestWave Capital, Firebolt Ventures and Secure Octane.

Apr. 30. Ontic raised $12 million in a Series A funding round led by Felicis Ventures.

Apr. 28. Secret Double Octopus raised $15 million in a Series B round of funding.

Apr. 23. Randori announced a $20 million Series A funding round led by Harmony Partners, with additional participation from existing investors: Accomplice, .406 Ventures and Legion Capital.

Apr. 21. ForgeRock announced that it has completed a $93.5 million Series E round of fundraising led by Riverwood Capital. Existing investors, including Accel, Meritech Capital, Foundation Capital and KKR Growth, also participated.

Apr. 16. Bridgecrew emerged from stealth mode and announced a new $14 million Series A round led by global investment firm Battery Ventures with participation from NFX and others.

Apr. 16. SafeBreach has secured $19 million in Series C funding. The round brings the total amount of capital raised by SafeBreach to over $50 million. OCV Partners led the round with participation by previous investors Sequoia Capital, Deutsche Telekom Capital Partners, DNX Ventures, Hewlett Packard Pathfinder, and PayPal.

Apr. 15. Onfido has reportedly secured $100 million through its latest investment round, which was led by TPG Growth.

Apr. 15. Awake Security raised $36 million in Series C financing led by Evolution Equity Partners with participation from Energize Ventures and Liberty Global Ventures, as well as existing investors Bain Capital Ventures and Greylock Partners.

Apr. 15. BioCatch has completed a $145 million Series C investment led by Bain Capital Tech Opportunities. Also joining the round are new investors including Industry Ventures as well as existing shareholders American Express Ventures, CreditEase, Maverick Ventures and OurCrowd, among others.

Apr. 15. Beyond Identity has raised $30 million in a Series A co-led by Koch Disruptive Technologies and NEA.

Apr. 9. Bugcrowd announced $30 million in Series D funding, bringing the company’s total funding to over $80 million. The investment round was led by Rally Ventures.

Apr. 7. Accellion, Inc. announced a $120 million financing round led by Bregal Sagemount.

Apr. 7. CyberMDX secured $20 million in new funding. The funding was headed by Sham (Relyens Group) with participation from prior backers Pitango Venture Capital and Qure Ventures.

Apr. 7. Okera announced the company has raised $15 million in new funding. The strategic investment was led by ClearSky Security. The current raise brings the total funding for the company to $29.6 million and includes participation by existing investors Bessemer Venture Partners and Felicis Ventures.

Apr 7. Cato Networks announced an investment of $77 million led by Lightspeed Venture Partners with the participation of Aspect Ventures, Greylock Partners, Singtel Innov8, U.S. Venture Partners (USVP), and Shlomo Kramer. This investment brings the total funding raised to date to over $200 million.

Apr. 6. Privitar completed an $80 million Series C funding round led by Warburg Pincus, a global private equity firm focused on growth investing, with participation from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures.

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– Steve Morgan is founder and Editor-in-Chief at Cybersecurity Ventures.

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