Q1 Cyber Security Vendor Transaction Highlights
- 103 total funding and M&A transactions
- $2.2 Billion raised over 85 rounds
- 17 total M&A events
- 1 IPO
Crunching the Numbers
- The $2.2 Billion raised in Q1, 2025 represents a 4% decrease in funding raised when compared to Q1, 2024.
- 85 funding rounds were tracked in Q1 ’25 compared to 77 in Q1, ’24 representing a 12% increase in funding volume.
- Early stage funding (Seed, Series-A) represents 62% of all Q1, 2025 funding rounds recorded.
- Late stage funding rounds (Growth Funding & Series C, D, E, G) accounted for 10.5% of Q1 ’25 funding volume.
- While late stage funding volume was low, it comprised of 38% of funding dollars raised in Q1 ’25.
Annual Funding Comparison
Q1 Security Vendor Funding
Q1 Funding Round Count
Q1's funding rounds and mergers & acquisitions
March 2025
February 2025
January 2025
March 2025
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Identity Automation | Acquisition | Jamf | $215,000,000 | N/A | Identity |
| Otorio | Acquisition | Armis | $120,000,000 | N/A | OT/ICS |
| Wiz | Acquisition | $32,000,000,000 | N/A | Cloud | |
| Cyral | Acquisition | Varonis | Undisclosed | N/A | Data |
| Knostic | Seed | N/A | $11,000,000 | Bright Pixel | AI/LLM |
| Aryon Security | Seed | N/A | $9,000,000 | Viola Ventures | Vulnerability |
| AIceberg | Seed | N/A | $10,000,000 | Sprout & Oak | AI/LLM |
| Quantum Industries | Seed | N/A | $10,000,000 | Sparring Capital Partners | Quantum |
| Hawcx | Seed | N/A | $3,000,000 | Engineering Capital | Identity |
| Sola | Seed | N/A | $30,000,000 | S Capital | Platform |
| Harmony Intelligence | Seed | N/A | $3,000,000 | Airtree Ventures | Vulnerability |
| Orion Security | Seed | N/A | $6,000,000 | Pico Partners | Data |
| Hunted Labs | Seed | N/A | $3,000,000 | Red Cell Partners | AppSec |
| Protectt.AI | Seed | N/A | $8,800,000 | Bessemer | Endpoint |
| Charm Security | Seed | N/A | $8,000,000 | Team8 | Fraud |
| SplxAI | Seed | N/A | $7,000,000 | LAUNCHub | Vulnerability |
| Flagright | Seed | N/A | $4,300,000 | Frontline Ventures | Fraud |
| STYX Intelligence | Seed | N/A | $2,700,000 | Business Development Bank of Canada | Fraud |
| Cybereason | Funding | N/A | $120,000,000 | Liberty Strategic Capital | Endpoint |
| Straiker | Funding | N/A | $21,000,000 | Lightspeed Ventures | AI/LLM |
| Crogl | Funding, A | N/A | $25,000,000 | Menlo Ventures | Automation |
| VulnCheck | Funding, A | N/A | $12,000,000 | Ten Eleven Ventures | Vulnerability |
| GetReal Security | Funding, A | N/A | $17,500,000 | Forgepoint Capital | Forensics |
| Strike Security | Funding, A | N/A | $13,500,000 | FinTech Collective | PenTesting |
| Cloudsmith | Funding, B | N/A | $23,000,000 | TCV | AppSec |
| SpecterOps | Funding, B | N/A | $75,000,000 | Insight Partners | Vulnerability |
| Botguard (now Blackwall) | Funding, B | N/A | $49,000,000 | Dawn Capital | Bot |
| Tonic.ai | Funding, B | N/A | $35,000,000 | Insight Partners | Data |
| Pentera | Funding, D | N/A | $60,000,000 | Evolution Equity Partners | PenTesting |
| Island | Funding, E | N/A | $250,000,000 | Coatue | Browser |
| Aura | Funding, G | N/A | $140,000,000 | Ten Eleven Ventures | Identity |
| Coalition | Growth Equity | N/A | $30,000,000 | Mitsui Sumitomo | Cyber Insurance |
| 360 Privacy | Growth Funding | N/A | $36,000,000 | FTV Capital | OSINT |
February 2025
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| SafeBase | Acquisition | Drata | $250,000,000 | N/A | Ratings |
| Zilla Security | Acquisition | CyberArk | $165,000,000 | N/A | Identity |
| Votiro | Acquisition | Menlo Security | Undisclosed | N/A | Detection/Response |
| Dassana | Acquisition | Deepwatch | Undisclosed | N/A | Ratings |
| Sailpoint | IPO | N/A | N/A | N/A | Identity |
| TraceableAI | Merger | N/A | Undisclosed | N/A | API |
| Observo AI | Seed | N/A | $15,000,000 | Felicis | Data |
| Invary | Seed | N/A | $3,500,000 | SineWave | Vulnerability |
| 7AI | Seed | N/A | $36,000,000 | Greylock Partners | Automation |
| ThreatMate | Seed | N/A | $3,200,000 | Top Down Ventures | Vulnerability |
| ZeroRisk | Seed | N/A | $4,000,000 | Elkstone | GRC |
| Andesite | Seed | N/A | $23,000,000 | General Catalyst | Vulnerability |
| Singulr AI | Seed | N/A | $10,000,000 | Nexus Venture Partners | GRC |
| GombocAI | Seed | N/A | $13,000,000 | Ballistic Ventures | Vulnerability |
| CQR | Seed | N/A | $3,000,000 | Shorooq Partners | OT/ICS |
| Jscrambler | Funding | N/A | $5,200,000 | Iberis Capital | Browser |
| Nirmata | Funding | N/A | $9,600,000 | Peak XV | Web Application Security |
| SGNL | Funding, A | N/A | $30,000,000 | Brightmind Partners | Identity |
| QuSecure | Funding, A | N/A | $28,000,000 | Two Bear Capital | Quantum |
| RAD Security | Funding, A | N/A | $14,000,000 | Cheyenne Ventures | Detection/Response |
| Edera | Funding, A | N/A | $15,000,000 | M12 | Container |
| Dreadnode | Funding, A | N/A | $14,000,000 | Decibel VC | Training |
| Anagram | Funding, A | N/A | $10,000,000 | Madrona | Training |
| Mimic | Funding, A | N/A | $50,000,000 | Menlo Ventures | Detection/Response |
| Riot | Funding, B | N/A | $30,000,000 | Left Lane Capital | Training |
| Dream Security | Funding, B | N/A | $100,000,000 | Bain Capital | Detection/Response |
| Blockaid | Funding, B | N/A | $50,000,000 | Ribbit Capital | Crypto |
| Whalebone | Funding, B | N/A | $14,000,000 | Unbound | DNS |
| Tines | Funding, C | N/A | $125,000,000 | Goldman Sachs | Automation |
| Sardine | Funding, C | N/A | $70,000,000 | Activant Capital | Fraud |
| Semgrep | Funding, D | N/A | $100,000,000 | Menlo Ventures | AppSec |
| Astra Security | Growth Funding | N/A | $2,700,000 | Emergent Ventures | PenTesting |
| Hub Security | Debt Funding | N/A | $13,500,000 | Claymore Capital | Segmentation |
January 2025
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Phylum | Acquisition | Veracode | Undisclosed | N/A | AppSec |
| Trelica | Acquisition | 1Password | Undisclosed | N/A | SaaS Security |
| Cado Security | Acquisition | Darktrace | Undisclosed | N/A | Forensics |
| Alterya | Acquisition | Chainalysis | Undisclosed | N/A | Fraud |
| Kivu | Acquisition | Quorum | Undisclosed | N/A | Security Services |
| Vulcan Cyber | Acquisition | Tenable | $150,000,000 | N/A | Vulnerability |
| vArmour | Acquisition | Fenix24 | Undisclosed | N/A | Identity |
| Stack Identity | Acquisition | JumpCloud | Undisclosed | N/A | Identity |
| Orchid Security | Seed | N/A | $36,000,000 | Team8 | Identity |
| Wultra | Seed | N/A | $3,000,000 | Tensor Ventures | Quantum |
| AI or Not | Seed | N/A | $5,000,000 | Foundation Capital | Fraud |
| Spikerz | Seed | N/A | $7,000,000 | Disruptive AI | Fraud |
| DryRun Security | Seed | N/A | $8,700,000 | LiveOak Ventures | AppSec |
| Axoflow | Seed | N/A | $7,000,000 | EBRD Venture Capital | Detection/Response |
| Kymatio | Seed | N/A | $1,900,000 | Decelera | Training |
| TrustLogix | Seed | N/A | $13,000,000 | Westwave Capital | Data |
| Frenos | Seed | N/A | $3,880,000 | DataTribe | OT/ICS |
| Backline | Seed | N/A | $9,000,000 | StageOne Ventures | Vulnerability |
| Staris | Seed | N/A | $5,700,000 | Freestyle VC | AppSec |
| Freeze | Seed | N/A | $2,600,000 | Undisclosed | Vulnerability |
| Dune Security | Seed | N/A | $6,000,000 | Alumni Ventures | Training |
| ThreatMark | Funding | N/A | $23,000,000 | Octopus Ventures | Fraud |
| Zynap | Funding | N/A | $5,700,000 | Kibo Ventures | Threat Intel |
| Fudo Security | Funding | N/A | $9,400,000 | bValue Growth Fund | Identity |
| Almanax | Funding | N/A | $1,000,000 | Blockchain Builders Fund | Crypto |
| Conifers.AI | Funding | N/A | $25,000,000 | SYN Ventures | Detection/Response |
| SignPath | Funding, A | N/A | $5,100,000 | TIN Capital | AppSec |
| Dataships | Funding, A | N/A | $7,000,000 | Osage Venture Partners | GRC |
| Passbolt | Funding, A | N/A | $8,000,000 | Airbridge Equity Partners | Identity |
| Token Security | Funding, A | N/A | $20,000,000 | Notable Capital | Identity |
| Clutch | Funding, A | N/A | $20,000,000 | SignalFire | Identity |
| Seraphic | Funding, A | N/A | $29,000,000 | GreatPoint Ventures | Browser |
| BforeAI | Funding, B | N/A | $10,000,000 | Titanium Ventures | Threat Intel |
| Mitiga | Funding, B | N/A | $30,000,000 | SYN Ventures | Detection/Response |
| Hypori | Funding, B | N/A | $12,000,000 | UBS | Endpoint |
| Oligo | Funding, B | N/A | $50,000,000 | Greenfield Partners | AppSec |
| Eclypsium | Funding, C | N/A | $45,000,000 | Pavilion Capital | Firmware Security |
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.
