Q1 Cyber Security Vendor Transaction Highlights
- 101 total funding and M&A transactions
- $2.3 Billion raised over 77 rounds
- 24 total M&A events
Crunching the Numbers
- The $2.3 Billion raised in Q1, 2024 represents a 20% decrease in funding raised when compared to Q1, 2023.
- 77 funding rounds were tracked in Q1 ’24 compared to 75 in Q1, ’23.
- Seed funding represented 42% of all Q1, 2024 funding rounds recorded.
- A notable resurgence of late stage rounds is evident when compared to most of 2023.
Annual Funding Comparison
Q1 Security Vendor Funding
Q1 Funding Round Count
Q1's funding rounds and mergers & acquisitions
March 2024
February 2024
January 2024
March 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Bearer | Acquisition | Cycode | Undisclosed | N/A | AppSec |
| Flow Security | Acquisition | CrowdStrike | $200,000,000 | N/A | Data |
| Avalor | Acquisition | Zsclaer | $350,000,000 | N/A | Data |
| Gem Security | Acquisition | Wiz | $350,000,000 | N/A | Detection/Response |
| PCG Cyber | Acquisition | AUCloud | Undisclosed | N/A | Security Services |
| Intrinsic ID | Acquisition | Synopsys | Undisclosed | N/A | Firmware Security |
| INDODAS | Acquisition | Airbus | Undisclosed | N/A | MSSP |
| Foretrace | Acquisition | Flare | Undisclosed | N/A | Threat Intel |
| Carbon Black | Merger | Broadcom’s Symantec BU | N/A | N/A | Endpoint |
| BBT.Live | Seed | N/A | $1,100,000 | Tzvi Neta Holdings | Network Security |
| Sitehop | Seed | N/A | $6,333,000 | Amadeus Capital | Data |
| PeakMetrics | Seed | N/A | $3,000,000 | York IE | OSINT |
| Youverify | Seed | N/A | $2,500,000 | Elm | Identity |
| Codezero | Seed | N/A | $3,500,000 | Ballistic Ventures | AppSec |
| Redcoat AI | Seed | N/A | $4,240,000 | Pear VC | PenTesting |
| Tarsal | Seed | N/A | $6,000,000 | Harpoon Ventures | Data |
| LeakSignal | Seed | N/A | $1,600,000 | Shasta Ventures | Data |
| BlueFlag Security | Seed | N/A | $11,500,000 | Maverick Ventures | AppSec |
| Dymium | Seed | N/A | $7,000,000 | Two Bear Capital | Data |
| Abstract Security | Seed | N/A | $8,500,000 | Crosslink Capital | SIEM |
| Bedrock Security | Seed | N/A | $10,000,000 | Greylock Partners | Data |
| Leen Security | Seed | N/A | $2,800,000 | 11.2 Capital | Data |
| Think Cyber | Seed | N/A | $3,800,000 | Fuel Ventures | Training |
| Binarly | Seed | N/A | $10,500,000 | Two Bear Capital | Supply Chain |
| Zafran | Seed | N/A | $30,000,000 | Sequoia | Vulnerability |
| SydeLabs | Seed | N/A | $2,500,000 | RTP Global | AI/LLM |
| DataKrypto | Seed | N/A | $3,251,000 | Cysero | Data |
| Sandfly Security | Seed | N/A | $1,300,000 | Gula Tech Adventures | OS Security |
| CredShields | Funding | N/A | $1,000,000 | Draper Associates | Crypto |
| Bluecyber | Funding | N/A | $1,500,000 | Invisto.com.vc | Cyber Insurance |
| Cayosoft | Funding | N/A | $22,500,000 | Centana Growth Partners | Detection/Response |
| Sevco Security | Funding | N/A | $17,000,000 | SYN Ventures | Vulnerability |
| Sweet Security | Funding, A | N/A | $33,000,000 | Evolution Equity Partners | Detection/Response |
| Zama | Funding, A | N/A | $73,000,000 | Multicoin Capital | Data |
| Defense Unicorns | Funding, A | N/A | $35,000,000 | Sapphire Ventures | AppSec |
| Reach Security | Funding, A | N/A | $20,000,000 | Ballistic Ventures | Threat Intel |
| BotGuard | Funding, A | N/A | $13,100,000 | MMC Ventures | Bot |
| CyberSaint | Funding, A | N/A | $21,000,000 | Riverside Acceleration Capital | GRC |
| StealthMole | Funding, A | N/A | $7,000,000 | Korea Investment Partners | OSINT |
| Sprocket Security | Funding, A | N/A | $8,000,000 | Blueprint Equity | Security Services |
| Todyl | Funding, B | N/A | $50,000,000 | Base10 Partners | XDR |
| Eye Security | Funding, B | N/A | $39,200,000 | J.P. Morgan Growth Equity Partners | MSSP |
| SkyFlow | Funding, B | N/A | $30,000,000 | Khosla Ventures | Data |
| Coro | Funding, D | N/A | $100,000,000 | One Peak | XDR |
| Axonius | Funding, E | N/A | $200,000,000 | Accel | Vulnerability |
| Dtex | Funding, E | N/A | $50,000,000 | CapitalG | Threat Intel |
| Nozomi | Funding, E | N/A | $100,000,000 | Mitsubishi Electric | OT/ICS |
| Claroty | Growth Funding | N/A | $100,000,000 | Delta-v Capital | OT/ICS |
| BigID | Growth Funding | N/A | $60,000,000 | Riverwood Capital | Data |
| Finite State | Growth Funding | N/A | $20,000,000 | Energy Impact Partners | AppSec |
| Cyera | Growth Funding | N/A | $300,000,000 | Coatue | AI/LLM |
February 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| ZeroFox | Acquisition | Haveli Investments | $350,000,000 | N/A | OSINT |
| Skiff | Acquisition | Notion | Undisclosed | N/A | Data |
| CTCI | Acquisition | Armis | $20,000,000 | N/A | Threat Intel |
| Kolide | Acquisition | 1Password | Undisclosed | N/A | Endpoint |
| BreachQuest | Acquisition | Resilience | Undisclosed | N/A | Detection/Response |
| Fastpath | Acquisition | Delinea | Undisclosed | N/A | Identity |
| Seal Security | Seed | N/A | $7,400,000 | Vertex Ventures Israel | Vulnerability |
| Ktrust | Seed | N/A | $5,300,000 | AWZ Ventures | Container |
| ClearTrust | Seed | N/A | $1,900,000 | Ideaspring Capital | Fraud |
| Clarity | Seed | N/A | $16,000,000 | Walden Catalyst Ventures | Fraud |
| Armilla AI | Seed | N/A | $4,500,000 | Mistral Venture Partners | GRC |
| Prowler | Seed | N/A | $6,000,000 | Decibel VC | Vulnerability |
| ExactTrak | Seed | N/A | $1,200,000 | N/A | IoT |
| Silence Laboratories | Seed | N/A | $4,100,000 | Pi Ventures | Data |
| ESProfiler | Seed | N/A | $3,551,000 | Nauta Capital | Vulnerability |
| Tenchi Security | Funding, A | N/A | $7,000,000 | Bradesco PE & VC | Security Services |
| Permit.io | Funding, A | N/A | $8,000,000 | Scale Venture Partners | Identity |
| LimaCharlie | Funding, A | N/A | $10,200,000 | Sands Capital | MSSP |
| LightBeam.ai | Funding, A | N/A | $17,800,000 | Vertex Ventures US | Data |
| Ionix (was Cyberpion) | Funding, A | N/A | $15,000,000 | Moar Investments | Vulnerability |
| Device Authority | Funding, A | N/A | $9,000,000 | Ten Eleven Ventures | Identity |
| Filigran | Funding, A | N/A | $16,000,000 | Accel | Threat Intel |
| Nucleus Security | Funding, B | N/A | $43,000,000 | Arthur Ventures | Vulnerability |
| Bugcrowd | Growth Funding | N/A | $102,000,000 | General Catalyst | PenTesting |
January 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Trustwave | Acquisition | The Chertoff Group | Undisclosed | N/A | MSSP |
| Runecast | Acquisition | Dynatrace | Undisclosed | N/A | Vulnerability |
| PingSafe | Acquisition | SentinelOne | $100,000,000 | N/A | Detection/Response |
| Laiyer AI | Acquisition | Protect AI | Undisclosed | N/A | AI/LLM |
| Helios | Acquisition | Snyk | Undisclosed | N/A | AppSec |
| Elevate Security | Acquisition | Mimecast | Undisclosed | N/A | GRC |
| Compliance Solutions Inc. | Acquisition | CS Complete | Undisclosed | N/A | Security Services |
| Banyan Security | Acquisition | SonicWall | Undisclosed | N/A | SASE |
| Authomize | Acquisition | Delinea | Undisclosed | N/A | Identity |
| Reken | Seed | N/A | $10,000,000 | Greycroft | AI/LLM |
| Prompt Security | Seed | N/A | $5,000,000 | Hetz Ventures | AI/LLM |
| Kusari | Seed | N/A | $8,000,000 | J2 Ventures | Supply Chain |
| Aim Security | Seed | N/A | $10,000,000 | YL Ventures | AI/LLM |
| Oleria | Funding, A | N/A | $33,000,000 | Evolution Equity Partners | Identity |
| Oasis Security | Funding, A | N/A | $35,000,000 | Sequoia | Identity |
| Doppel | Funding, A | N/A | $14,000,000 | Andreesen Horowitz | OSINT |
| Vicarius | Funding, B | N/A | $30,000,000 | Bright Pixel | Vulnerability |
| Torq | Funding, B | N/A | $42,000,000 | Bessemer | Automation |
| Incognia | Funding, B | N/A | $31,000,000 | Bessemer | Identity |
| Clerk | Funding, B | N/A | $30,000,000 | CRV | Identity |
| Anecdotes | Funding, B | N/A | $25,000,000 | Glilot Capital Partners | GRC |
| Secret Double Octopus | Funding, C | N/A | $15,000,000 | BGV | Identity |
| Bastille | Funding, C | N/A | $44,000,000 | Goldman Sachs | Threat Intel |
| Silverfort | Funding, D | N/A | $116,000,000 | Brighton Capital | Identity |
| Aqua Security | Funding, E | N/A | $60,000,000 | Evolution Equity Partners | Cloud |
| Extrahop | Growth Funding | N/A | $100,000,000 | Undisclosed | Detection/Response |
Research Methodology
About Pinpoint Search Group
Pinpoint recruits VPs, Directors and Sr. Individual Contributors for cyber security vendors. As start-ups continue raising millions in funding and established vendors make acquisitions to round out their offerings, Pinpoint Search Group is keeping track.
Contact us to discuss adding talent to your team, or if it’s time to explore new opportunities.
