Q2 Cyber Security Vendor Transaction Highlights
- 120 total funding and M&A transactions
- $3.3 Billion raised over 98 rounds
- 22 total M&A events
Crunching the Numbers
- The $3.3 Billion raised in Q2, 2024 represents a 71% increase in funding raised when compared to Q2, 2023.
- 98 funding rounds were tracked in Q2 ’24 compared to 97 in Q2, ’23.
- Q2 results could be considered skewed due to a $1 Billion outlier funding round raised by Wiz in May.
- Early stage funding (Seed, Series-A) represents 55% of all Q2, 2024 funding rounds recorded.
- Late stage funding rounds (Growth Funding & Series C, D, E) accounted for 13% of Q2 ’24 funding volume.
- While late stage funding volume was low, it comprised of 65% of funding dollars raised in Q2 ’24.
Annual Funding Comparison
Q2 Security Vendor Funding
Q2 Funding Round Count
Q2's funding rounds and mergers & acquisitions
June 2024
May 2024
April 2024
June 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| BastionZero | Acquisition | Cloudflare | Undisclosed | N/A | Identity |
| Eureka | Acquisition | Tenable | Undisclosed | N/A | Data |
| Lacework | Acquisition | Fortinet | Undisclosed | N/A | AppSec |
| Hubble | Acquisition | NetSPI | Undisclosed | N/A | Vulnerability |
| AirMDR | Seed | N/A | $5,000,000 | Storm Ventures | Detection/Response |
| Liminal | Seed | N/A | $5,000,000 | Fin Capital | AI/LLM |
| Symbiotic | Seed | N/A | $5,800,000 | Paradigm | Crypto |
| Trustwise | Seed | N/A | $4,000,000 | Hitachi Ventures | GRC |
| Cavero Quantum | Seed | N/A | $2,800,000 | Foresight Capital | Data |
| SpyCloud | Funding | N/A | $35,000,000 | CIBC Innovation Banking | Identity |
| ThreatModeler | Funding | N/A | $60,000,000 | Invictus Growth Partners | AppSec |
| GoPlus Security | Funding | N/A | $10,000,000 | OKX Ventures | Crypto |
| Pyte | Funding | N/A | $5,000,000 | Myriad Venture Partners | Data |
| Mondata | Funding | N/A | $17,000,000 | Dejardins | Security Services |
| Ohalo | Funding | N/A | $3,600,000 | YFM Equity Partners | GRC |
| Aim Security | Funding, A | N/A | $18,000,000 | Canaan Partners | AI/LLM |
| Entro | Funding, A | N/A | $18,000,000 | Dell Technologies Capital | Identity |
| Pomerium | Funding, A | N/A | $13,750,000 | Benchmark | Identity |
| Authzed | Funding, A | N/A | $12,000,000 | General Catalyst | Identity |
| iVerify | Funding, A | N/A | $12,000,000 | Shine Capital | Endpoint |
| XONA | Funding, B | N/A | $18,000,000 | Energy Impact Partners | OT/ICS |
| PQShield | Funding, B | N/A | $37,000,000 | Addition | Data |
| YesWeHack | Funding, C | N/A | $27,900,000 | Wendel | PenTesting |
| Cyberhaven | Funding, C | N/A | $88,000,000 | Adams Steet Partners | Data |
| Odaseva | Funding, C | N/A | $54,000,000 | Silver Lake Waterman | Data |
| HYPR | Funding, D | N/A | $30,000,000 | Silver Lake Waterman | Identity |
| Huntress | Funding, D | N/A | $150,000,000 | Kleiner Perkins | Detection/Response |
| OnSecurity | Growth Funding | N/A | $7,000,000 | Gresham House Ventures | Security Services |
| Semperis | Growth Funding | N/A | $125,000,000 | J.P. Morgan Growth Equity Partners | Identity |
| PortSwigger | Growth Funding | N/A | $112,000,000 | Brighton Park Capital | PenTesting |
| Hub Security | Growth Funding | N/A | $5,000,000 | N/A | Segmentation |
May 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Cyborg Security | Acquisition | Intel 471 | Undisclosed | N/A | Threat Intel |
| BioCatch | Acquisition | Permira | Undisclosed | N/A | Fraud |
| Noname Security | Acquisition | Akamai | $450,000,000 | N/A | API |
| Vumetric Cybersecurity | Acquisition | Telus | Undisclosed | N/A | PenTesting |
| QRadar via IBM | Acquisition | Palo Alto Networks | Undisclosed | N/A | SIEM |
| Venafi | Acquisition | CyberArk | $1,540,000,000 | N/A | Identity |
| Simpluris | Acquisition | CyEx | Undisclosed | N/A | Security Services |
| Informer | Acquisition | Bugcrowd | Undisclosed | N/A | Vulnerability |
| Pillr | Acquisition | OpenText | Undisclosed | N/A | Detection/Response |
| AuditBoard | Acquisition | Hg | $3,000,000,000 | N/A | GRC |
| Exabeam | Merger | LogRhythm | Undisclosed | N/A | SIEM |
| DeepKeep | Seed | N/A | $10,000,000 | AWZ Ventures | AI/LLM |
| Apex | Seed | N/A | $7,000,000 | Sequoia | GRC |
| Insane Cyber | Seed | N/A | $4,200,000 | Paladin Capital Group | OT/ICS |
| Anetac | Seed | N/A | $16,000,000 | Liberty Global | Identity |
| Mimic | Seed | N/A | $27,000,000 | Ballistic Ventures | Detection/Response |
| RunReveal | Seed | N/A | $2,500,000 | Costanoa Ventures | SIEM |
| Baselayer | Seed | N/A | $6,500,000 | Torch Capital | Fraud |
| Teleskope | Seed | N/A | $5,000,000 | Primary Venture Partners | Data |
| Blackwell Security | Seed | N/A | $13,000,000 | General Catalyst | XDR |
| Nudge Security | Seed | N/A | $9,500,000 | Forgepoint Capital | GRC |
| Niobium | Seed | N/A | $5,500,000 | Fusion Fund | Data |
| Token Security | Seed | N/A | $7,000,000 | TLV Partners | Identity |
| CyWreck | Seed | N/A | $2,000,000 | Angel | PenTesting |
| HoundDog.ai | Seed | N/A | $3,100,000 | E14 | Data |
| Averlon | Seed | N/A | $8,000,000 | Voyager Capital | Vulnerability |
| Userfront | Seed | N/A | $5,300,000 | Heavybit | Identity |
| Metatate | Seed | N/A | $1,100,000 | Undisclosed | Data |
| Zendata | Seed | N/A | $2,000,000 | PayPal Ventures | Data |
| Anapaya | Funding | N/A | $11,000,000 | Cape Capital | Data |
| Seamfix | Funding | N/A | $4,500,000 | Alitheia IDF | Identity |
| ActiveNav | Funding | N/A | $8,025,000 | Gresham House Ventures | Data |
| Idfy | Funding | N/A | $10,800,000 | IndiaMART | Identity |
| Aikido Security | Funding, A | N/A | $17,000,000 | Singular | AppSec |
| Oasis Security | Funding, A | N/A | $35,000,000 | Cyberstarts | Identity |
| LayerX | Funding, A | N/A | $26,000,000 | Glilot Capital Partners | Browser |
| TXOne Networks | Funding, B | N/A | $51,000,000 | Taiwania Capital | OT/ICS |
| Bolster AI | Funding, B | N/A | $14,000,000 | M12 | |
| SOCRadar | Funding, B | N/A | $25,200,000 | PeakSpan Capital | Threat Intel |
| Lumos | Funding, B | N/A | $35,000,000 | Scale Venture Partners | Identity |
| Transcend | Funding, B | N/A | $40,000,000 | StepStone Group | Data |
| StrongDM | Funding, C | N/A | $34,000,000 | Anchor Capital | Identity |
| Wiz | Funding, E | N/A | $1,000,000,000 | Andreesen Horowitz | Cloud |
| TraceableAI | Growth Funding | N/A | $30,000,000 | Sorenson Ventures | API |
April 2024
| Vendor | Activity Type | Acquiring Company | Financials | Lead Investor | Market Segment |
| Longbow Security | Acquisition | Veracode | Undisclosed | N/A | Vulnerability |
| Airgap | Acquisition | Zsclaer | Undisclosed | N/A | Segmentation |
| Silk Security | Acquisition | Armis | $150,000,000 | N/A | Detection/Response |
| Entitle | Acquisition | BeyondTrust | Undisclosed | N/A | Identity |
| Coveware | Acquisition | Veeam | Undisclosed | N/A | Security Services |
| Egress | Acquisition | KnowBe4 | Undisclosed | N/A | |
| Darktrace | Acquisition | Thoma Bravo | $5,300,000,000 | N/A | Detection/Response |
| Prophet Security | Seed | N/A | $11,000,000 | Bain Capital | Forensics |
| Simbian | Seed | N/A | $10,000,000 | Cota Capital | Automation |
| Amplifier Security | Seed | N/A | $3,300,000 | Cota Capital | Training |
| TrojAI | Seed | N/A | $5,750,000 | Flying Fish | AI/LLM |
| PVML | Seed | N/A | $8,000,000 | NFX | Data |
| Andesite | Seed | N/A | $15,250,000 | Red Cell Partners | Vulnerability |
| Knostic | Seed | N/A | $3,300,000 | Sheild Capital | AI/LLM |
| VulnCheck | Seed | N/A | $8,000,000 | Sorenson Ventures | Vulnerability |
| Nymiz | Seed | N/A | $3,000,000 | Swanlaab | Data |
| BreachRX | Seed | N/A | $6,500,000 | SYN Ventures | GRC |
| Miggo Security | Seed | N/A | $7,500,000 | YL Ventures | Detection/Response |
| NightVision | Seed | N/A | $5,400,000 | AppSec | |
| Anon | Seed | N/A | $6,500,000 | Union Square Ventures | Identity |
| Boxphish | Seed | N/A | $4,080,000 | BGF | Training |
| Cynomi | Funding | N/A | $20,000,000 | Canaan | Virtual CISO |
| StrikeReady | Funding, A | N/A | $12,000,000 | 33N Ventures | MSSP |
| Vorlon | Funding, A | N/A | $15,700,000 | Accel | API |
| Permiso | Funding, A | N/A | $18,500,000 | Altimeter Capital | Detection/Response |
| Allure Security | Funding, A | N/A | $10,000,000 | Curql | Fraud |
| Sublime Security | Funding, A | N/A | $20,000,000 | Index Ventures | |
| BforeAI | Funding, A | N/A | $15,000,000 | SYN Ventures | Threat Intel |
| Nagomi Security | Funding, A | N/A | $23,000,000 | TCV | Vulnerability |
| Dropzone AI | Funding, A | N/A | $16,850,000 | Theory Ventures | Detection/Response |
| Turnkey | Funding, A | N/A | $15,000,000 | Lightspeed Faction | Crypto |
| Sprinto | Funding, B | N/A | $20,000,000 | Accel | GRC |
| Cape | Funding, B | N/A | $40,000,000 | A-Star | Data |
| Tines | Funding, B | N/A | $50,000,000 | Felicis | Automation |
| Alethea | Funding, B | N/A | $20,000,000 | Google Ventures | OSINT |
| Qohash | Funding, B | N/A | $17,400,000 | Fonds de solidarite FTQ | Data |
| SafeBase | Funding, B | N/A | $33,000,000 | Touring Capital | Ratings |
| Elisity | Funding, B | N/A | $37,000,000 | Insight Partners | Segmentation |
| Anvilogic | Funding, C | N/A | $45,000,000 | Evolution Equity Partners | Detection/Response |
| ThreatLocker | Funding, D | N/A | $115,000,000 | General Atlantic | Endpoint |
| Island | Funding, D | N/A | $175,000,000 | Coatue | Browser |
| Corelight | Funding, E | N/A | $150,000,000 | Accel | Detection/Response |
| Scrut Automation | Growth Funding | N/A | $10,000,000 | Lightspeed Ventures | GRC |
| Apptega | Growth Funding | N/A | $15,000,000 | Mainsail Partners | GRC |
| Hub Security | Debt Funding | N/A | $8,000,000 | N/A | Segmentation |
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.
